Study: More than Half of All Homes 'All-Cash' Purchases
More than half of all homes sold last year and so far this year have been "all-cash" purchases.
The Wall Street Journal reports that an analysis by economists at Goldman Sachs estimates that though 20% homes sold before the housing crash were "all-cash" sales, that number has more than doubled over the last seven years.
According to WSJ, though there is "no exact way to know who is responsible for all of these cash purchases," these buyers are likely to "include some combination of investors, foreign buyers, and wealthy homeowners that don’t want to go through the hassle of getting a mortgage before closing on a sale."
The report also found that currently "around 44 cents of every $1 of homes sold currently is being financed, compared to 67 cents before the crisis."