WSJ.com Reports Good Sign for Housing

The Wall Street Journal reported cash buyers are grabbing up real estate deals and “breathing life into some of the nation’s most battered housing markets.” The jump in cash purchases is also a sign of revival for the economy.

According to NAR, 28% of sales in 2010 were all-cash transactions. When NAR began tracking cash transactions in October 2008, it was 14%.

It isn’t clear if housing prices have bottomed, but current bargains are luring buyers into the market. And those with cash can often pay 10-15% less than the asking price since deals are more likely to close quickly and carry less risk of buyers losing a job or banks backing out of a mortgage.

Article on WallStreetJournal.com

Leave a comment

Filed under Industry Articles and Trends

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s