Wolf Richter writes:
Steps in the Fed, and trillions of dollars get printed and handed to Wall Street, and asset prices become airborne, and Wall Street jumps into the housing market and buys up hundreds of thousands of vacant single-family homes, drives up prices, and armed with free money, shoves aside first-time buyers and others who would actually live in these homes, and turned them instead into rental units. Now in over 1,000 cities, prices are, or soon will be, as high as they were at the peak of the last housing bubble.
The difference? Last time, all that craziness was called a “bubble” with hindsight. This time, it’s called a “housing recovery.”
If you are planning to buy now and catch the rising market you should read this and think 2006…
