Half of All Homes Are Being Purchased With Cash

Half of All Homes Are Being Purchased With Cash

July 2013 Half of All Homes Are Being Purchased With Cash

“More than half of all homes sold last year and so far in 2013 have been financed without a mortgage, according to an analysis by economists at Goldman Sachs Group.” (source: The Wall Street Journal)

The large percentage of homes recently purchased with cash may be attributable to investors taking advantage of short-sale opportunities.

There’s no exact way to know who is responsible for all of these cash purchases, though they are likely to include some combination of investors, foreign buyers, and wealthy homeowners that don’t want to go through the hassle of getting a mortgage before closing on a sale. Mortgage lending standards have sharply tightened up since the housing bubble, with banks scrutinizing borrowers’ tax returns and bank statements to verify their incomes and the source of their down payment.

(source: The Wall Street Journal)

 

Time to Sell your Home

Time to Sell your Home

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