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Mega Landlords Are Snapping Up Zillow Homes Before the Public Can See Them

Hot housing market drives alliance with real estate tech firms as landlords flush with cash tap iBuyers to find properties

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Photographer: Paul Sakuma/AP

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Wall Street firms scouring the frenzied U.S. housing market are tapping a new source of properties that regular buyers can’t reach.

Cerberus Capital Management and related entities bought more than 200 houses in the first quarter through next-generation home flippers called iBuyers, including 138 from Opendoor Technologies Inc. The pipeline to Wall Street from Silicon Valley often means the homes never hit the open market.