HOUSING PRICES WILL SLIDE!

[Brent Zande]

https://apple.news/Aek6dXXKpQ8a1WPan_PB9Pg

I keep feeling there will be greater movement in housing pricing than previously thought. Blackstone has made the move to return to the SFR arena with its 300 million investment in Tricon, Invitation is in the hunt for GC's, and we are told that there will be buying from several other massive SFR groups. They have an immense amount of cash but have not been buying much over the last 2-3 years. It seems to me they are indicating that they see a shift that is substantial coming. The statistics of foreclosure activity are suppressed by two things, moratoriums and part time courthouses. Given this reality we have no clue what the true activity of evictions and foreclosures is supposed to be now or will be in the future. The extension of eviction moratoriums put a big squeeze on smaller landlords and thus far has provided no relief to them. This also seems to play into the hands of the larger landlords that can wait it out and could potentially absorb these smaller landlords at discounts. The news is still bullish on the SFR market which is fair longer term but I truly feel there will be pain in the near term.