Here:
Blackstone’s Joe Zidle calls homes almost as unaffordable as the 2007 peak. Yet, he believes a crash is unlikely due to a major difference: Most owners aren’t using their homes like an ATM.
That's a total smokescreen. Look! Over there! A deer!
Peak unaffordability was actually in 2014, when Blackstone was buying up all the inventory individual homebuyers couldn't afford.
Housing was actually more affordable during the 2007 housing bubble than it is today. The read then was 20.5 but in January 2022 it's more like 17.3, much worse. People who are paying these high prices are nuts. If it all blows up again you can bet firms like Blackstone will be waiting in the wings to acquire bargains you have to sell at a loss.
Meanwhile Blackstone today remains a huge buyer of commercial and multifamily rental real estate, especially student housing:
80 percent of the firm’s real estate holdings are in sectors with shorter-length leases that will allow Blackstone to benefit from rising rents . . ..
%201984-2020.png)
