As President Trump announced in his State of The Union Address, the American dream of home ownership is under attack. Housing Expert, Cliff Freeman, says the big investment firms are still buying, just at a slower pace, blocking families-. “Buyers just like that poor lady that put 20 bids on a home- are getting crowded out because these institutional buyers can come in here quick with cash, and bypass inspections.” Freeman said.
He says it’s a real problem because people need stability and it helps them build equity. “Home ownership is what keeps people on the right side of things- it helps them build equity; they don’t have to resort to crime. Literally, it changes the whole complexion of the community- if you have ever lived in a neighborhood full of renters versus one where there’s pride of home ownership. Freeman said.
When the big investment firms buy blocks of real estate, to liquidate the real estate they will have to sell them to another Investor or renters- because its faster. He said these firms buy when the prices are low and they sell when they are high- simply to turn a profit, leaving the communities to clean up the mess.
Freeman says the new generation lack gravity and needs solid foundation - necessary for younger generations to thrive. He sees this as a major crisis, as many younger people don’t seem to have a good semblance of “normality”.
“We’ve got to start building communities again. Trump understands the American dream is built around real estate, he’s a businessman, he’s a real estate guy, do the best that he can to bring Americans the dream of home ownership.” He said.
Freeman says current statistics show the average first time home buyers aren’t entering the market until 40. He says this is sobering. Housing for the 21st Century Act passed by an overwhelming 390 to 9 votes. It was a total bi-partisan bill. This is exactly why Congress moved on this.