In South Florida, 69 Percent of June Home Sales Were All-Cash

I used to think some of my clients already had a mortgage broker since they would ask me if I knew a trust worthy broker. However, little by little I came to realization that they did not ask for a mortgage broker simply due to the fact that they did not need one.  Cash was their preferred method. 

Florida led the nation last month with what RealtyTrac spokesman Daren Blomquist called an “astounding” rate of all-cash home sales: 66 percent.

Institutional investors, foreign buyers, landlords and vacation-home shoppers are fueling a cash-only market where first-time homebuyers’ mortgages can’t compete.

Cash sales made up 57 percent of Florida’s home sales a year ago and 61 percent of all sales in June of this year, compared with the 66 percent reported in July, according to the report released today by Irvine, Calif.-based real estate research company RealtyTrac Inc.

“That’s astounding,” Daren Blomquist told the Orlando Sentinel.

In South Florida, 69 percent of all home sales were transacted entirely with cash, the report said. [Orlando Sentinel]. * Notes taken from The Real Deal.

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