Have they been unloaded, or are they still being held at par value on their books?
The single-family rental revolution: Post-2008 housing status
The Great Financial Crisis (GFC) created a historic opportunity for large private equity firms and institutional investors (such as Blackstone, KKR, and others) to enter the housing market on an unprecedented scale.
1. Status: Have they been unloaded?
NO, THEY ARE STILL HELD.
The homes were not sold back to individual homeowners; they were bundled into multi-billion-dollar rental portfolios that became permanent investment vehicles.
2. Book value: Are they held at par value?
NO, THEY ARE VALUED MUCH HIGHER.
The concept of holding them at their distressed par value (original low purchase price) is incorrect. These assets are valued on their books at their current fair market value and their potential to generate income.
In summary, the investors who purchased these homes during the crisis are holding them as highly profitable, appreciated assets in the single-family rental industry, which has now becomean established sector of the US housing market.
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