American dream of owning a home less attainable as home values rise $2 trillion

The coronavirus pandemic has not stymied home values in the U.S. — a boost for Americans, and a hurdle for others.

The total value of all the homes in America rose $2 trillion to a total of $31.4 trillion in October, up 6.7% from an s estimated $29.4 trillion before the pandemic in February, according to a new study by Redfin, a Seattle-based online listing company. Rising home values have given homeowners more wealth but have made home purchases unattainable to millions of renters, according to economists.

“Housing is such a big way of making wealth for Americans,” said Schery Bokhari, the Redfin economist who authored the study. “It’s almost like there are two different classes — people who own wealth are really benefiting [from low interest rates] and those who are now unemployed or have experienced loss of income, are being left behind. They’re missing the boat.”

Homeowners are

Read More

Opendoor Looking To Disrupt the $20 Trillion Real Estate Market

InvestorPlace – Stock Market News, Stock Advice & Trading Tips

Chamath Palihapitiya is one of the top operators in Silicon Valley. He served as an early executive at Facebook (NASDAQ:FB) and then went on to become a venture capitalist. One of his latest deals is the Opendoor IPO (Initial Public Offering).

Source: Shutterstock

Yet this is not a typical IPO. The company is coming public via a SPAC (Special Purpose Acquisition Company). This is where a shell company first raises money and then merges with an operating company. In the case of Opendoor, it is merging into Social Capital Hedosophia II (NYSE:IPOB).

Keep in mind that Palihapitiya is also one of the leaders of the SPAC industry. His deal for Virgin Galactic (NYSE:SPCE) has sparked huge interest in this segment of finance.

The Opendoor IPO will include $414 million from the SPAC entity as

Read More