Marc Serota/, The Washington Post
Submitted by: Editor
Wall Street Betting Big On Single-Family Homes
[WAPO] Drawn by the prospect of double-figure profit margins on rents and the resale of homes whose prices plummeted in the crash, hedge funds, Wall Street investors and other institutions are crowding out individual home buyers.
Lured by the promise of big monetary returns, 70% of all home sales are being closed by banks and the top 1% of the nation's financial elite. Yet again, big business, banks, and the wealthy are proving beyond a shadow of a doubt that they are the most destructive entities in the country. Fleecing every penny they can possibily scratch away from the middle class.