Nearly a third of homebuyers have been paying for houses entirely in cash in order to avoid rising mortgage rates, according to the National Association of Realtors.
In the past six months, over a quarter of US homebuyers made all-cash purchases, according to NAR data. About 28% of sales were made entirely in cash in February, down slightly from the 29% of all-cash sales in January, the group said on Tuesday. The large percentage of all-cash home purchases has been attributed to higher mortgage rates, which are still hovering around a 20-year-high. The rate on the 30-year fixed mortgage recently jumped past 7% for the second time in less than a year, raising the cost of borrowing and deterring some prospective buyers as home prices remain high.
With many on the sidelines, the largest share of current homebuyers are those between the ages of 68-76, NAR said, another factor that's contributed to rising all-cash sales. "When looking at the buyers who are able to pay all cash, it tells a bleaker story and a story of those who hold the cards in the housing market and those who do not," NAR's deputy chief economist Jessica Lautz said in a
Translation “nearly one third of us homebuyers have been big corp and the 1% to rent out” Nice! 👍🏽
Don’t you mean venture capital companies are paying cash?
so you're talking about the 1%
Must be nice