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Investors pull back on home purchases

from Chicago Real Estate Daily

The big-money investors that gobbled up thousands of local homes aren't as hungry anymore. Institutional investors accounted for 4.7 percent of Chicago-area home sales in the third quarter, down from 7.6 percent a year earlier, according to Irvine, California-based RealtyTrac. Investor activity peaked at 10 percent of the sales in first-quarter 2013, according to RealtyTrac, which defines institutional investors as business entities that have purchased at least 10 homes in a year. more

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