This doesn't seem like it should end well. Large amounts of institutional money coming into the housing market, pushing prices up. Blackstone is apparently getting into it in a big way.
Blackstone's real estate group, at CNBC's Delivering Alpha conference in 2012.
A year later, the scale has become huge. So far Invitation has spent $4.5 billion, snapping up 25,000 distressed single-family homes in regions hardest hit by the financial crisis, and in those slowest to recover, the company said. Most of the homes are refurbished and then rented out by Invitation. The appeal of the rental market comes, in large part, from consumers trying in a variety of ways to avoid taking on new debt, said Invitation spokesman Eric Elder.
Our bet right now is the scale of the opportunity is very big, and the pricing seems quite compelling," said Jonathan Gray, head of