bubble: What is driving the housing recovery?
- 08/30/13 06:49 AM
Realty Trac and Goldman Sachs reported that about half of home purchases this year have been to cash buyers. NAR puts the number at 31% for July sales, but still is an all-time high. That is not good news. (Not just because cash buyers have no benefit to mortgage lenders like me.) A handful of these cash buyers are retirees or others downsizing to prepare for retirement, but the lion's share of these cash buyers are investors - either private investors or investment pools like REITs. That is not the best way to rebuild a real estate market. We need … (0 comments)
Realty Trac and Goldman Sachs reported that about half of home purchases this year have been to cash buyers. NAR puts the number at 31% for July sales, but still is an all-time high. That is not good news. (Not just because cash buyers have no benefit to mortgage lenders like me.) 
;)
;)
