The popular impression is that institutional investors buy their homes in bulk from a bank's foreclosure inventory or at trustee sale. The reality is very different. If we examine all of Blackstone's purchases since they first hit the Maricopa County area in April 2012, the vast majority were purchased one at a time and they have a variety of sources:
- Normal sales - 1,558
- Trustee sales - 1,115
- From other investors (wholesale and flips) - 597
- Short sales & pre-foreclosures - 466
- REOs - 172
- HUD sale - 1
Note how insignificant the REO purchases were. They were pretty active at the trustee auctions, but the biggest percentage came from the MLS just like normal folks. Cromford Daily Observation
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