Cash is indeed King….RealtyTrac is reporting that in November, the share of cash sales of homes & condos in the US jumped to 38.1% – the highest level since March 2013 when 38,8% of all sales were cash. The data was obtained from publicly recorded sales deeds from across the nation.
“The jump in cash sales is likely a knee-jerk reaction to the new documentation and disclosure rules for mortgages that took effect in October, making it even more difficult for buyers using financing to compete with cash buyers in the already competitive housing market,” said Daren Blomquist, vice president at RealtyTrac. “Global economic instability may also be driving more foreign cash buyers back to the relative safety of U.S. real estate.”
