Monday, April 1, 2013

Rise of the renter via

When billionaire investor Warren Buffett speaks, people tend to listen. The Oracle from Omaha said this during an interview on CNBC Feb. 27: “If I had a way of buying a couple hundred thousand single-family homes–and had a way of managing them–I would load up on them, and I would take mortgages out on them at very, very low rates. …That’s as attractive an investment as you can make.”

Buffett was right on the money: Profound changes in the housing market have reversed decades of increases in homeownership rates and pushed upward the number of people needing or wanting to rent. The 2011 housing report from global financial services firm Morgan Stanley puts it this way, “The combination of falling home prices, limited mortgage credit, continued liquidations and better rental options is fundamentally changing the way Americans live…moving the country toward a Rentership Society.”

Read more...Rise of the renter: What changing patterns of homeownership mean for mattress manufacturers

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