Here is the snippet from a daily economic update I get.

• Foreclosure Rentals: Large private equity players are behind
Waypoint Real Estate Group LLC and Colony American
Homes, both of which are actively buying up thousands of
foreclosed homes and then renting them out. Waypoint already
owns 2,200 homes so far (on its way to a goal of 11,000) and
Colony has 3,600 homes (going to 10,000).

These folks and others like them are driving a number of these purchases across the nation, but I can't speak to purchase activity here in Washington. All of our foreclosure sales have gone to individuals, most of whom are buying primary residences.