By Dani Romero via Yahoo Finance
Rising mortgage rates have sidelined many would-be homebuyers, but for institutional investors, it has become an opportunity as home builders try to unload properties.
“What we’re seeing is builders have to make their quota. They have to make the end-of-the-year numbers,” Kinloch Partners Cofounder and CEO and President Bruce McNeilage told Yahoo Finance Live (video above). “So they’re reaching out to folks like us, the institutional owners of houses, and we’re buying in bulk using those as rental homes.”
September marked the ninth consecutive month that confidence in the housing market fell among builders as persistent supply chain disruptions and high home prices continue to wedge into their sales and profits, the National Association of Home Builders/Wells Fargo Housing Market Index showed.
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