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

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.