Last week, Sougata Mukherjee—the editor-in-chief at The Triangle Business Journalas plainly a pro-business local publication as you might imagine—published a fascinating editorial that delves into the Triangle’s frankly troubling current real estate market.

Mukherjee positions the market’s problems—inflated home prices, dwindling inventory—as more than just “a normal organic supply and demand issue,” and suggests that there are darker forces at play that could ultimately spell trouble for not only first-time homebuyers but also for those who have chosen to make their homes here in the region for the long term.

The TBJ engaged Atlasa, a San Francisco-based real estate brokerage that specializes in analytics to dig deep to find out “exactly who is buying these houses—and why the inventory has dropped in precipitous fashion.”

Looking at data from 1,602 home sales in the Raleigh area during the first…

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