Good news for buyers!
Among the 20 investment firms buying the most California
real estate since January 2012, purchases are down more than 70% compared with
last year in each of the last four months. That means less competing with all cash buyers...
This time last year, investment firms raced to
buy dozens of single-family homes to lease them out, transforming the mom-and-pop rental business into a
Wall Street juggernaut.
The flood of cash helped spark a steep rise in
prices, drawing criticism for pushing families out of the market.
But now the firms themselves have all but
stopped buying in California.
The
real estate arm of Blackstone
Group , the largest buyer, has cut its California purchases 90% over the
last year, a spokesman said.
The shift is giving regular buyers more homes to
choose from.
Experts say an expanding supply should help
usher in a healthier housing market, with a better balance between buyers and
sellers.
That's a stark change from last year, when
buyers faced bidding wars.
clear skies,
Doug Reynolds
Realtor
916-494-8441
Doug Reynolds
Realtor
916-494-8441
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