One big story over the last few years — really, since the global financial crisis — has been the degree to which investors had been snapping up single-family homes and renting them out.

That narrative just ran into a boulder and tripped. In the first quarter, investor home purchases dropped 49% year over year and 15.9% down from 2022 Q4, according to Redfin. The fall was even harder than the overall year-over-year 41% and quarterly 14.7% quarter-over-quarter for home purchases.

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Erik Sherman

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