Topics

Investments
Investment firms curbing their home buying in California
Investment firms curbing their home buying in California

This time last year, investment firms raced to buy dozens of single-family homes in neighborhoods from Fontana to South Los Angeles 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 Southern California, the latest evidence that home prices have hit a ceiling. The professional investors no longer see bargains here. The real estate arm of Blackstone Group, the largest buyer, has cut its California purchases 90% over the last year, a spokesman said. Santa Monica company...

Loading