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Behind the Rise in House Prices, Wall Street Buyers - NYTimes.com
Behind the Rise in House Prices, Wall Street Buyers - NYTimes.com
The last time the housing market was this hot in Phoenix and Las
Vegas, the buyers pushing up prices were mostly small time. Nowadays,
they are big time — Wall Street big.
Large investment firms have spent billions of dollars over the last
year buying homes in some of the nation’s most depressed markets. The
influx has been so great, and the resulting price gains so big, that
ordinary buyers are feeling squeezed out. Some are already wondering if
prices will slump anew if the big money stops flowing.
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