The number of homes in California purchased with cash hit a record high last year, undoubtedly a result of high investor interest, a difficult mortgage environment and perceived higher returns on investment, according to real estate data firm DataQuick.
The total number of properties paid for with cash reached 145,797 in 2012, up from the previous record high of 125,812 in 2011.
?It?s clear that a lot of today?s housing market recovery is being fueled by people putting their own money into homes. Some cash buying is part of a normal housing market, but we?re at twice that normal rate,? said John Walsh, DQ?president.
Of California?s overall home sales last year, a record 32.4% were cash purchases. This more than doubles the annual average of 15.6% from 1991 to 2012.
?Today, a lot of buyers are chasing what they view as the deal of a lifetime,? said Walsh. (By: HousingWire)
Source: http://reggielal.com/archives/1883
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