Homeownership has slipped out of reach for millions of Americans amid an astronomical rise in mortgage rates and an ongoing inventory shortage.Adding to the list of challenges for potential homebuyers in the United States: Investors and hedge funds are also snatching up properties.In fact, new findings from Redfin suggest it has been happening at the fastest pace in nearly two years.
5% of investor purchases in the first quarter, while high-priced homes accounted for 28.5%. "While high-priced homes made up the biggest increase in investor purchases in the first quarter, low-priced homes were still the preferred property type," the report said. Investors are drawn to lower-priced homes for many of the same reasons that individual buyers are: They cost less, which is appealing when both housing prices and borrowing costs remain elevated.
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