While all-cash purchases are accounting for a smaller share of U.S. homebuying than they used to, they’re still high: about 36% in the latest-recorded month, November. A year earlier, the total was 39%.House hunters face the most cash competition in Detroit and South Florida, says an analysis by real estate data firm CoreLogic.
The analysis notes that the peak of cash buying came in January 2011, when cash deals made up about 46% of all home sales.Investors or other buyers with cash in hand can be formidable rivals to homebuyers who have to get a mortgage approval lined up in order to complete their purchase.
via Real Estate Rivals: Where In The U.S. Are Most Homes Cash Buys?.