Part of the bubble is because of cash investors who then rent the properties. Instead of an "ownership society", we're looking at a tenancy society due to increasing home prices with no employment changes. Home price increases without corresponding wage increases is terrible.
Could you expand on that a bit? What do you mean by a tenancy society existing while people keep buying homes?
People who own 6-8 homes and then give them out for rent. This is especially true in the poorer parts of America where homes sell for less than a new car.
I am part of the problem, although I generally lose tenants who buy something in my case. I
love Hollywood - high income youngs in abundance. That's the ticket if you are in the landlord business. Plus, I find my tenants to be interesting people. I hooked up with my face lift doc through a tenant. Another runs the theatre operation for a gay organization - one of the oldest and best funded in the nation, providing services to the gay community, including high quality plays and musicals. Oregon is a whole different ball of wax - more marginal tenants with not much extra cash hanging around.
