NC real estate

Alaskan oil money coming to town

Unfortunately, the influx of capital represents a loss of wealth for the area, not a gain:

The dream buyer is American Homes 4 Rent, a Malibu, Calif., company that since late December has paid nearly $13.3 million in cash for 81 houses in Wake County, according to property records. The company, which formed last year, is one of several firms hoping to profit from rising home prices by amassing thousands of single-family homes across the country and converting them into rentals.

My initial reaction when this story slid by my eyes was that there must be some local connection, somebody here on the ground that greased the skids for this. I haven't found one yet, but that's not as heartening as it should be. That means these investors see an economic situation where upper middle class people would be more amenable to rent instead of buy, and that's not a good thing. Not to mention, the new landlords might not be as responsible as others:

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