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EN
A New Housing Marketplace That’s Keeping Homes Unaffordable
['Luke Goldstein', 'Freddy Brewster', 'Doug Henwood', 'Ramaa Vasudevan', 'David Calnitsky', 'Helen Santoro', 'Katya Schwenk', 'Ximena González', 'David Sirota', 'Andrew Perez']
Jacobin
These all-in-one suites of services have become common as increasingly popular online real estate behemoths like Zillow and Rocket Mortgage have vertically integrated the homebuying process.
Lennar’s new housing marketplace comes at a time when stockpiles of newly built homes have reached a fifteen-year high, with the number of homes for sale far surpassing the number of buyers.
Lennar’s marketplace portal has the potential to hand over an even greater share of the housing market to investors, who already own about 14 million homes nationwide.
These investors include massive private equity firms like Blackstone, which owns roughly 63,000 homes around the country, plus another 274,000 rental units through its housing trust, Blackstone Real Estate Income Trust.
“Housing prices are high due to a significant supply and demand imbalance that has persisted for over a decade,” Blackstone wrote in a March blog post.
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'unaffordable'
'marketplace'
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'lennar'
'prices'
'estate']