CHICAGO – Although mortgage rates are at their lowest point in 40 years, a new analysis has found that nearly four-in-10 homes sold during 2011 have been purchased for cash.
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Data complied by Housing Intelligence, a unit of Hanley Wood Market Intelligence, found that 38% of homes sold this year have not required a mortgage. That’s up from 34% in 2010 and double the rate of all-cash deals recorded in 2006, the company reported.
Housing Intelligence is predicting that the trend is likely to continue in 2012 as investors continue to take down a big share of the properties for sale, especially in which the previous owner was in some sort of duress.
