US investor home purchases dropped record amount in third quarter

Source: The Hill

“Investor home purchases fell by a record amount in the third quarter, outpacing the overall decline in home sales nationwide. A new report from the real estate company Redfin found that companies bought around 65,000 homes in the third quarter of 2022, which is down 30 percent from a year earlier. Investor activity dropped the most in single-family homes purchases, falling by 32.3 percent year over year in the third quarter. The reduction in investor purchase activity corresponds with a decline in home sales that was fueled by high prices and soaring mortgage rates amid a series of interest rate hikes from the Federal Reserve targeting growing inflation.” (11/22/22)