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All-cash Home Sales Fall Nationally, Save Several Metros

August 19th, 2014 Comments off

pending sale  paul sakuma  AP Photo creditAccording to RealtyTrac, all-cash deals comprised 38 percent of all home sales in the second quarter of 2014, a drop from 42 percent in Q1 2014, as institutional buyers—those buying at least ten homes annually—are finding good deals drying up. They accounted for 4.7 percent of all home sales, a drop from six percent in 2013, as CNNMoney reports. The good news is that as institutional buyers leave the market, there is more room for first-time homebuyers. But with home prices up over 20 percent from 2012 historic lows, the bad news is first-timers may already be priced out of the market. MHProNews has learned over 50 percent of all home sales in Las Vegas are for cash, and the percentage is only slightly lower in Detroit, Kansas City, Philadelphia, Cleveland and New York. In the Miami metro area cash sales comprised 64 percent of all home sales. ##

(Photo credit: Paul Sakuma/Associated Press)