All-cash buyers scooping up US homes
Cash buyers are snapping up homes in markets nationwide, betting that
deals won’t get much better.
Last month, all-cash buyers accounted for 30% of existing home sales, up
from 25% in May 2010, and 12% two years ago, says the National
Association of Realtors.
The cash buyers are enticed by low prices and potential rental income,
economists say.
The big numbers are “positive news,” says Stan Humphries, Zillow chief
economist. “These are people who’re getting back into the market because
they see good value.”
Given low prices, they can buy homes, rent them and be immediately
cash-flow positive, says Paul Dales, an economist for Capital Economics.
Posted: 22 June 2011
Source: Florida Realtors
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