Market Watch
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Cash is king in today’s housing market
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New housing market data shows today’s tighter restrictions on residential lending have necessitated a buyer’s market where cash is king.
According to a report from RealtyTrac, a provider of U.S. real estate data, the number of all-cash buyers is at the highest level recorded since the company began tracking such data in the first quarter of 2011.
Specifically, RealtyTrac’s 2014 U.S. Institutional Investor & Cash Sales Report showed that 42.7 percent of all residential property sales were all-cash purchases in the first quarter of this year, up from 37.8 percent in the previous quarter and up from 19.1 percent a year ago.
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