Fewer foreclosures: Big investors backing off rentals
Some of the nation’s biggest investment groups are pulling out of the single-family rental market after witnessing a large drop in the number of distressed properties and a stall in home-price gains and, CNBC reported.
“I think the investor market is largely past us,” Doug Lebda, chief executive of Lending Tree told CNBC. “People were buying investment properties three, four, five years ago. What I hear is that’s slowing now.”
Recent reports that Oaktree Capital Group is selling about 500 of its homes added fuel to other reports that Och-Ziff Capital management is selling its homes as well. Carrington Mortgage Services stopped buying distressed homes late last year, claiming the market was “a bit too frothy.”