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The Fate Of The US Housing Market Is In The Hands Of Indian Real Estate Agents And Satellite Photos [zero hedge]

ALPHABET INC CL C (GOOG)  More Company Research Source: zero hedge
US:NASDAQ Investor Relations: abc.xyz/investor
PDF US home prices have never been more unaffordable.A little over a year ago, home prices finally surpassed their prior all-time highs, reached during the heyday of the housing bubble back in 2006.But with home prices in 80% of US cities are growing twice as fast as wages, working-class families across the US are finding it increasingly difficult to support their families - let alone afford a home. But fortunately, this hasn't been a problem for institutional investors like Blackstone, which are presently enjoying the luxury of a controversial valuation assessment known as a Broker Price Opinion - or BPO.As the Wall Street Journal  explains, Congress prohibited the use of BPOs to underpin traditional mortgages as part of Dodd-Frank. But, fortunately for private-equity firms and their limited partners, that prohibition doesn't apply to investors buying tens of thousands of homes.Blackstone and its lender, Deutsche Bank AG, settled on a sort of drive-by valuation done by real-estate agents [Read more]

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