The extra $300 a week in federal unemployment benefits, on top of state UI, were designed to give people enough money to pay rent.
“Normalization” or “deceleration,” as this phenomenon is called, is setting in.
Mass-forbearance is the best thing that ever happened to sweeping reality under the rug. But now, there’s a huge mess under the rug.
It isn’t buying whole neighborhoods; it’s buying whole new subdivisions of built-to-rent houses.
Raging mania house-price inflation.
The rental market is in turmoil after jobs and people left, and price discovery has set in. Falling rents are a market-based solution to the “Housing Crisis.”
Purchases by buyers from China collapsed by 84% since the peak in 2017.
Bottom falls out at lower end. Fed-enriched high-end buyers doing fine.
Sales edge up, after sagging for months, amid Crazy Spiking Prices.
Defying economists’ expectations for sixth month in a row, inflation heats up instead of easing off. And it’s a lot worse than it seems.