No one mentioned the root cause of this, all the investors buying up the inventory! They're even building subdivisions now as rentals...not even offering the chance for someone to buy them.
Yep! And my opinion is that the insurance industry/government is in on this too
If you get a mortgage, you are required to have home insurance. If you own the home outright because you're an investment firm, you do not.
Home insurance prices are skyrocketing, which makes even even harder to own a home. The insurance companies then also have crazy requirements, like not having a roof older than X years, replacing the ENTIRE ROOF for minor damage, etc. So you have a perfectly fine roof with some small damage, and instead of repairing it like they do
in every other country in the world our insurance industry says you need a new roof, which they cover. Then, they drop you.
Meanwhile, slumlords and investment firms do the sane thing, and just repair the roof.
My neighbor down the road had a roof with a 50 year warranty zero issues, insurance demanded he replace it because it was older than 15 years, or they would drop him. So he tore off a perfectly good quality, in warranty roof, and had it replaced with a cheap 15yr roof.
Worse, people like myself that actually maintain our properties and have no claims still get affected, because idiots in the same zip code end up claiming, which makes my rate go up. My insurance went up after the Texas freeze in 2021 because so many other homes old worn out pipes busted. Meanwhile, I pre-emptily replaced my pipes and had no problems, but I still pay the increase.
The cards are stacked against homeowners, and all the laws are lobbied by giant investment firms. The people in charge are all 1000 years old with massive investments themselves, so what do they care? as long as they get a slice.
