RFK says that 3 giant corporations (BlackRock, Vanguard and State Street) will own 60% of America’s single-family homes by 2030, if they continue their buying trajectory. So, that huge amount of demand would be bullish for housing prices – despite the repercussions. BUT – the housing bears have been claiming for months that these same firms are going to start dumping all of their inventory, and thus crash the market. So – which is it? Excess demand from all the buying, or excess supply from all the selling? This is just a reminder that nobody actually has a clue what will happen over the long term – or even in 2024. I am, however, going to briefly set out the bullish and bearish arguments – and explain why I remain bullish.Read More