Cash talks: 56 percent of recent sales have no loanAugust 19, 2013 @ 9:46 am
More than half of all homes sold - nearly 56 percent - in the past 18 months have been purchased mortgage-free, according to economists at Goldman Sachs Group.
Before the housing crash, about 20 percent of all homes sold were purchased without financing. All-cash sales have more than doubled over the last seven years.
The large share of cash buys are most likely from investors, foreign buyers, and wealthy home owners, the report noted.
The Goldman Sachs analysts used data from the National Association of Realtors Census Bureau, Mortgage Bankers Association, and Lender Processing Services to arrive at their calculations.
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