Wealthy homebuyers flash cash as mortgage rates climb

September 17, 2022 Paul Graham Weely Real Estate News Comments Off on Wealthy homebuyers flash cash as mortgage rates climb
homebuyers

 

Source: Chicago Business — 

Nearly one-third of U.S. homes sold in July were all-cash deals, with Long Island and West Palm Beach topping the list. Here’s where Chicago and Milwaukee figured in the ranking.

(Bloomberg) — Wealthy homebuyers are charging in with all-cash purchases even as the broader housing market is slowed by rising mortgage rates.

Nearly one-third of homes sold in July were paid for entirely with cash, according to real estate brokerage Redfin. That share was up compared to last year and near the eight-year high reached in February. Cash offers have been more common during the pandemic housing frenzy, which has been marked by bidding wars for the limited inventory of available homes.

Read More

Related Articles

ICE
Housing Wire

Homebuyers faced high mortgage rates, worsening affordability in October: ICE

November 7, 2023 Mariel Alumit Housing Wire Comments Off on Homebuyers faced high mortgage rates, worsening affordability in October: ICE

Stubbornly elevated mortgage rates created more affordability pressures for homebuyers in October, according to ICE Mortgage Technology’s November Mortgage Monitor report. In October, the monthly payment needed to purchase a median-priced home exceeded the $2,500 […]