Realty Trac Says More Hoosier Buying Homes With All Cash
Realty Trac says more Hoosiers are buying homes using all cash.
They've just released their list of cities with the highest number of all-cash deals on home sales for the month of June. Miami, Las Vegas, Tampa, Detroit and Orlando round out the top five. In those cities, all cash deals made up anywhere from 53% to 64% of all sales last month.
Realty Trac says in the state of Vermont, all cash deals were a whopping 80 percent. Realty Trac Vice President Darren Blomquist says all-cash deals in Indianapolis hit 17% in June. He says that's up from 7% in June 2012. Blomquist says the market is conducive to cash due to lower home prices and tighter lending standards. He adds that institutional investors backed by Wall Street are also get into the market.
Blomquist says folks who would rely on financing simply aren't getting it. Despite that, he says the all cash sales indicate a rise in consumer confidence and more people willing to invest.