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Big money investors buying foreclosures in bulk - a caution flag?
 
The housing market continues to display signs of slowly shedding its recent bad reputation and is actually gaining real recovery traction. Prices in many areas are firming up and even rising, listing inventories are shrinking, permits for new homes show improvement and mortgage money is still quite affordable, so long as the applicant manages to qualify under today’s rigorous underwriting guidelines.
 
Life seems to be good in the real estate business. And predictably getting better.
 
At least that’s what large investors like equity shops and hedge funds, among them Blackstone Group, Apollo Global Management and Colony Capital, firmly believe. They are now moving in aggressively to purchase REO – real estate owned - single-family houses in bulk in states such as Arizona, California, Florida and Nevada, the original four who were mauled rather severely when the infamous housing bubble let out all its hyped-up air. The recipe is simple. Acquire homes – hundreds and often thousands of them - on the cheap, turn them around, rent them out and according to their secret formula sell them later for a handsome gain. Billions have been and will be spent on this particular scenario. The pace is actually accelerating as ... more

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