Now, one year after the Covid-19 crisis shut down and warped so much of American life, things are still unpredictable, but the outlook isn t bright for housing. In fact, it looks like the perfect storm for a correction.
Home prices are overheated, mortgage rates are rising, the supply of homes for sale is anemic and consumer confidence in the housing market is falling. Pandemic-related mortgage bailouts are set to expire this summer.
A year ago, home sales ground to a halt. No one wanted to buy or sell or even enter a home, given all the physical and economic uncertainty that Covid-19 brought. But just a few months later, housing hit the gas pedal, and prices followed.
The Housing Market Stands at a Tipping Point After a Stunningly Successful Year During the Pandemic
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A Promising Future: How the Single-Family Rental Market Has Changed & Where It s Going
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Multi-millionaire French heirs to Hermès fortune own stake in Tampa rental houses
Their investment in the Hillsborough homes was recently revealed by a new disclosure law in Luxembourg.
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Fred Akers, 63, in front of his Tampa rental home. His home is one of many rental homes in the area that is owned by a real estate investment company that counts several heirs to the French luxury goods company Hermès among its investors. [ DIRK SHADD | Times ]
Published Feb. 19
Updated Feb. 19
TAMPA â The 1961 concrete-block house isnât fancy, but renter Fred Akers, a 63-year-old mailman who lives there, said itâs got the âbare necessitiesâ and he likes his neighborhood.