Dive summary:
The California housing market is seeing a lot more deals done in cash than used to be the case, DataQuick, a real estate information firm, says.
Last year, 145,797 properties in the Golden State – 32.4% – closed for cash payments; 2007 saw 39,731 in that category.
Observers say that some of the increase is due to a tougher mortgage that encourages cash deals where possible, but higher investor interest in housing is certainly part of the trend.
From the article:
"Some cash buying is part of a normal housing market, but we're at twice that normal rate," said John Walsh, DataQuick president. ...
