We have … updated our home price model andbelieve that prices are bottoming now. However, we continue to believe the recovery will not begin in earnest until 2014. … we expect roughly flat home prices this year and next with modest growth in 2014.
So congratulations, America, your quasi-governmental housing entity is about to subcontract out mass-landlording/slumlording jobs to the likes of John Paulson and Warren Buffett, so that they can add to their bottom lines collecting rent payments in the middle of a nationwide housing slump.
As one hedge fund analyst put it to me this morning: “Help inflate the bubble, create a foreclosure crisis, buy homes in bulk, and rent them out to the same average homeowner.”
Is this what we had in mind when we created the “ownership society” – helping billionaires collect your rent?