There are worries as to the long term recovery of the housing market as we are seeing more home buyers sweeping up properties with "ALL CASH" sales. 42.1 % of all U.S. residential sales last year in December were all cash, per Realty Trac.
Institutional investors have also purchased many homes putting average buyers on hold with continued strict lending practices at financial institutions.
Following are states which reported more than 50% all cash home residential sales in December 2013: Florida 62.5%, Wisconsin 59.8%, Alabama 55.7%, South Carolina 51.3% and Georgia 51.3%.
Find out what's happening in Pasadenafor free with the latest updates from Patch.
For all of year 2013, 29.1% of the residential sales in the U.S accounted for all cash sales. For institutional investors were 7.3% of U.S residential sales.
Vice President of Realty Trace stated that having this many call cash buyers are red flag saying "It's like we put the fate of the housing market in the hands of the wealthy few."
Find out what's happening in Pasadenafor free with the latest updates from Patch.
We shall see what is ahead in the housing market as we head into February 2014.
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Call/Text Ellie Viray, Realtor (CalBre#01239528) at 626-524-4136.
