Over 5,200 Florida homes were purchased by investment companies in 2012, according to recent figures. Florida posted the highest foreclosure rates in the whole of America for the fifth month in a row in January. This accounted for 29,800 properties facing the foreclosure process last month, with thousands more delinquent homes on the verge of the same fate. Despite the number of distressed homes having eased in Florida in recent months, there are still sound investment opportunities that have continued to attract overseas and homegrown investment companies. These buyers have been purchasing three- and four-bedroom homes in the price range $100,000- $400,000, which they are developing and entering onto the ever growing rental market. These investment companies are often purchasing short sales and foreclosures that are unavailable on local multiple listing services. Spokesman for RealtyTrac, Daren Blomquist, said: "It probably will help the housing market recover faster by disposing of these properties in chunks rather than individually". He went on to add: "But individual buyers are being cut out of the process. The biggest loser is the potential homebuyer who wants to get a home in this market." South Florida real estate agent Michael Citron acknowledged the increase in investment companies bulk purchasing; however, he downplayed the effects that investment companies are having on homebuyers. He said: "It's definitely happening, but they're not taking over the market." He added: "I think it's a fad." Mark Beisswanger of Invitation Homes defended the change in the real estate market, stating: "As part of this process, not only are we improving neighborhoods and providing high-quality homes to our tenants but we are employing thousands of local contractors across the country, supporting local businesses and ultimately stimulating local economies."