The national foreclosure and data tracking website RealtyTrac reports that a significant portion of distressed homes are now being purchased by all-cash institutional investors. According to a new report, in markets where houses continue selling for less than $200,000, buyers owning ten or more SFRs (Single-Family Rentals) accounted for 14 percent of all purchases in September. The traditional mortgage lending market is being excluded from this fast-paced market because nationally 49 percent of all residential sales are to all-cash buyers, up from 40 percent in August, with even higher all-cash rates in areas such as Florida and Las Vegas, where prices dropped the most. As prices climb, institutional investors seem to be pulling out of higher-priced markets such as Washington and Oregon, and a few have even started even reselling at a gain—but the largest SFR buyers with a 1,000 units or more are still just accumulating.