Fletcher Wilcox, vice president of business development for Grand Canyon Title Agency Inc., says cash real estate purchases plunged roughly 37 percent year-over-year in March and by more than 38 percent during the first quarter. He said it’s a trend that became noticed in March 2013, when conventional loan purchases outpaced cash for the first time since January 2009.
March is typically the kick- off month to the bustling spring home buying season. This year was unusually cool with a 17 percent drop in Valley home sales year-over-year.
Information from Phoenix Business Journal