By Alex Pfeiffer | Business Insider| February 02, 2018 09:52:55The banks are spending more on the purchase of their own properties and buying other real estate than the banks themselves are willing to spend.
The biggest banks spent $10 billion buying up real estate in 2017 alone, according to data from real estate research company Zillow.
That’s $10bn more than the average American homeowner.
Bank of America spent $5.4 billion on residential real estate last year, Zillows data shows.
The largest bank in the United States spent $4.4 trillion on residential property last year.
Bank Capital spent $3.3 billion buying property.
Citigroup spent $2.4 and JPMorgan spent $1.7 billion.
Bank of America bought two homes in Los Angeles, one a $500,000 home that was originally built in 1929, and the other a $400,000 house that was designed in 2008.
Bank Of America purchased a house in Las Vegas for $600,000 in 2019, the same year it purchased the Las Vegas strip in 2018 for $1 million.
Bank Capital purchased a home in New York for $400.9 million in 2021.
Citibank bought a home for $250,000 last year in Manhattan.
Banker’s stocks are on a tear.
JPMorgan, Bank of American and Bank of Montreal all have higher earnings than the S&P 500 Index, which has outperformed the S+P 500 over the past year.
Banker’s stock is trading at $39.60.