The pattern is unfolding across the Sun Belt but nowhere more than in the Phoenix area, where institutions represented a bigger share of home purchases last year than in any other major US market, according to real estate data firm SFR Analytics...

Blackstone has borne the brunt of capital outflows, but ripple effects continue to sweep through the broader sector.

Without anyone paying much notice, our collective overreliance on wage data has had the perverse effect of allowing prices to rise even as earnings remained stagnant.