One of the articles indicated there were around 400 “investors” who bought from 2 to 8 houses each, indicating there were anywhere from 800 – 3,200 houses involved.

Also, $1.2 billion worth of property / average value of $525K per property = 2,286 houses – not quite 2,400 as I stated above but close. Even if they bought 3 houses each, on average, that’s still 1,200 houses! I agree, that it’s a significant percentage of the housing stock – around 3.5% if my 2,286 is right. Hopefully, more details will emerge to clear up the #’s.