Who Is Buying?

All cash purchases of real estate are at the highest level since the National Association of Realtors (NAR) started keeping track of whether homes were bought with cash or financed. For the third consecutive month existing homes sales have continued to rise. NAR chief economist Lawrence Yun says, “The uptrend in home sales in consistent with improvements in the economy and jobs, which are helping boost consumer confidence.The extremely favorable housing affordability conditions are a big factor, but buyers have been constrained by unnecessarily tight credit. As a result, there are abnormally high levels of all-cash purchases, along with rising investor activity.”

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