
Wealthy homebuyers flash cash as mortgage rates climb

(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.
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