QE3 Causing A Housing Bubble :Author Gary Anderson
Thursday, 27 Sep 2012 08:22 AM
By Michael Kling
The third round of quantitative easing (QE3) from the Federal Reserve is prompting a real estate bubble that will end badly, warns author and financial expert Gary Anderson.
Through QE3, the Fed is adding to the reserves of banks that in turn lend to hedge funds and other investors buying real estate.
That’s prompting a housing bubble in places like Sparks, Nev., and Phoenix, he asserts.
“QE3 is an attempt to blow another bubble in real estate, so that the [Too Big To Fail] banks can be more secure in trusting other banks,” Anderson writes in a posting on Business Insider.
Because interest rates are so low, banks don’t want to lend to “the average Joe” to purchase homes, he says. Instead, they’re lending to wealthy investors and hedge funds who can repay loans more quickly.
And the middle class is having a hard time obtaining mortgages to buy homes or refinance their current home loans. In 2011, he notes, only about 2.4 million homes out of the 4.4 million sold were purchased with a mortgage.
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