All-cash deals hit a record 43% of home sales during the first three months of 2014, according to RealtyTrac. That's up from 19% a year earlier and the highest level reported since RealtyTrac began tracking the deals in early 2011.
The jump is due to two main factors: strict lending standards that make it difficult to get a mortgage and intense buyer competition.
— CNNMoney
4 Comments
This is a euphemism for money laundering.
Not many middle class families are sitting on a $200K+. Hello, investors, flippers, and slumlords - there goes the neighborhood, I guess.
This is the truth of life, especially in SoCal. Every home we have seen in our meagre budget gets bought right with all cash offers. Here's to renting for some more time...
Around here those deals are $10m and up. The last one was $147m. Some hedge fund asshole who stole $3.5b last year.
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