Miller also said he is not concerned by the huge number of investor-owned single-family rental homes. He believes that renters may end up as buyers of these homes, but others are not so sure.
(Read More: Housing Recovery Leaves Some Behind)
“I don’t buy it,” said Mark Hanson, a California-based housing analyst. “Yes, the investor will give them a chance to bid on it, but in this market Wall Street will put the houses on the MLS in hopes of a bidding war.”
Home prices are already moving higher across the nation, largely due to a severe lack of for-sale supply. Miller is unconcerned about the swift price increases and points to a mortgage credit thaw as a counter-balance.
(Read More: Home Buyers Are Back, but Where Are the Houses?)
The big banks say it is not so much a thaw on their side as improving consumer balance sheets.
“Credit standards haven’t changed in terms of solid fundamentals around income and documentation,” said Kevin Watters, CEO of mortgage banking at JPMorgan Chase. “What has changed a little bit: Consumers’ balance sheets have improved, so their debt is down.”
Article source: http://www.cnbc.com/id/100558148