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Wall Street moving in on American Dream

Big-time investors gobbling up huge numbers of area’s foreclosed homes — as the new reality of single-family rentals becomes more common after the mortgage meltdown

The new homeowners on your block could be from out of town — Wall Street.

After amassing significant rental portfolios elsewhere, deep-pocketed institutional investors are descending on the Chicago area, buying up thousands of single-family homes that they are rehabbing and renting out.

The Chicago market is vast enough that even an invasion of this size won’t change home prices overnight. But the frenzied activity is a clear sign that professional investors believe two important trends are ripe for opportunity: Housing values are recovering, and many Americans have given up on the dream of homeownership and will become renters…Please click here to read Mary Ellen Podmolik’s story in the Tribune.

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