A mortgage market that is practically 100% government-driven, impossibly low rates for impractically long periods of time, no MtM concerns to clear delinquent or foreclosed property from bank balance sheets, and sure enough ‘prices’ for the houses that are being sold have risen. But there’s a rather worrisome unintended (we presume) consequence of this ‘recovery’. As BofAML notes today, the US has shifted to renting at the dramatic expense of home ownership…
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