1 and 2, because people finally woke up and said, “We live in a bleeping desert!”
Phoenix and Vegas both have the highest percentage of investor owned houses in the country.
These are not house flippers. They are companies that were buying houses to be built. Then selling them one to two years later for a profit. As soon as they see a correction, they dump them like a bad stock position.
3, because people realized they were living in a giant homeless camp.