Americans are still buying homes in all-cash deals, despite more investors leaving the market, according to a new report. MarketWatch’s Quentin Fottrell discusses what cash deals means for the housing recovery on MarketWatch.
All-cash home purchases are on the rise again—buoyed by retirees instead of pure speculators—signaling a shift in the way Americans view homeownership and in the mortgage market.
During the year’s first quarter, 33% of the existing homes sold in the U.S. were purchased entirely in cash. That was up from 31% for all of last year and 29% in 2012, according to a monthly survey of roughly 3,000 real-estate agents commissioned by the National Association of Realtors.