For the first time in 4 years, cash homebuyers aren’t king in Phoenix

Kristena Hansen | Phoenix Business Journal

The old expression that “cash is king” has been reality for the metro Phoenix housing market since the downturn — until now.

Cash purchases, mostly by investors, were dethroned of their four-year reign last month when they were outnumbered, albeit only slightly, by conventional loans, according to a report this week by Grand Canyon Title Agency Inc. in Phoenix.

There were 2,188 homes Valleywide that were purchased with conventional mortgages last month, eclipsing cash sales by only 44, the report said.

Continued:

Also: Home appraisers: Tough to find balance in ever-changing market

Real estate: Agents more optimistic about surging housing market

Real estate: Mortgage rules change borrowing scenarios

American Realty Capital Properties withdraws offer to buy Cole

If you’d like to discuss real estate matters, contact RLG founder Jordan Rose, jrose@roselawgroup.com

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April 12, 2013

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For the first time in 4 years, cash homebuyers aren’t king in Phoenix

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For the first time in 4 years, cash homebuyers aren’t king in Phoenix

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