According to USA Today, almost half of the homes purchased in July were bought with cold hard cash. In places like Florida, "nearly two-thirds of home sales were completed without a mortgage loan," says USA Today. In Nevada, about 65 percent of buyers paid with cash, followed by Maine, where nearly 60 percent of house sales were cash. Perhaps regulation in the banking industry has made the process of getting a mortgage too burdensome for families?
So now only those working for cash, dug dealers, #$%$.... can afford a house.
Dice Thrower, about three (3) years we were seriously in the market to purchase a residence.
At or about 10:30PM as we were preparing to go to sleep after a day of serious negotiating on property, I checked in with my realtor and found out that we had an acceptance on a nice piece of real estate. We were pre-qualified and had asked for some concessions to cover our loan costs and something as a down payment. The sellers agreed to the deal.
When I woke up the next morning to follow up on our new home purchase, my realtor informed me that somebody had made an ALL CASH offer just before midnight which trumped our deal. We lost out to cold, hard cash. Sellers will take cash in preference to messing with a loan, I guess. Money talks! All IMHO.