Rising Rates Prompt Cash Buyers to Act

On top of being attributed to the slowdown in pending home sales, it looks as if high mortgage rates may also be an underlying factor for the increase in cash purchases across the national housing market. According to RealtyTrac's recent report, about 40 percent of residential property sales were all-cash transactions. RealtyTrac's VP, Daren Blomquists, suggests that rising rates could be leading to a higher percentage of cash purchases, while "some non-cash buyers can no longer afford to buy, particularly in high-priced markets."

Read more at the article:
http://www.dsnews.com/articles/rising-rates-prompting-action-from-cash-buyers-2013-08-29

Graph: REALTYTRAC.com
Source: DSNEWS.com