> This is a non story, full of anecdotes without getting into the actual problem that home prices have been rising across the country faster than wages, making it harder for the lower income segments and young people to buy homes. That's it.
This is a serious story, with data backing it up. One factor of rising home prices is the limited supply, which ibuyers make worse when they buy what limited supply there is - here's your data:
> "The three largest iBuyers acquired more than 27,000 homes in the third quarter of 2021, nearly twice as many as they bought in the previous three-month period. At the end of September, the companies owned more than $10 billion worth of real estate."
> "Investors accounted for more than 18% of all U.S. home sales in the third quarter, according to research from Redfin Corp., the highest share since at least 2000. Atlanta was one of the most popular markets, with investors buying 32% of homes sold during that period."
> "McDonough, Georgia, is a hot spot within a hot spot. Roughly 30 miles southeast of downtown Atlanta, it’s a city of about 29,000 where two-thirds of residents are Black...About 70% of those houses went to investors, many without ever being listed."
And the sources:
> Deed records were pulled on Dec. 23 from a national database of iBuyer transactions compiled by Attom Data Solutions. Bloomberg News then matched records where the seller’s name corresponded with an entity used by Offerpad, Opendoor or Zillow. Buyers whose names didn't appear to be a person or a family or living trust were categorized as an investor or other entity.
> Bloomberg used location data provided by Attom to determine each home’s census tract, which was then used to pull demographic and housing characteristics of the surrounding area from the 2019 American Community Survey (five-year estimates). The rate of flips was calculated by dividing the number of sales to investors in majority White and non-White tracts by the number of single-family homes in those areas.
I follow news on the housing market obsessively - this is among one of the most thoroughly researched articles I have seen.