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...
By Tim Logan LA Times March 29, 2014,
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.