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Blackstone slows home buying as prices surge

Its acquisition of houses to rent has fallen 70% from its peak last year

[LOS ANGELES] Blackstone Group is slowing its purchases of houses to rent amid soaring prices after a buying binge made it the biggest US single-family home landlord.

Blackstone's acquisition pace has declined 70 per cent from its peak last year, when the private equity firm was spending more than US$100 million a week on properties, said Jonathan Gray, global head of real estate for the New York-based firm.

After investing US$8 billion since April 2012 to buy 43,000 homes in 14 cities, the company has narrowed most of its purchasing to Seattle, Atlanta, Miami, Orlando and Tampa.

"The institutional wave has passed," said Mr Gray, who oversees almost US$80 billion in property investments. "It's at...

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