Julia Zhu notes that in December, “all-cash purchases accounted for 42.1 percent of all U.S. residential sales, according to the latest report from RealtyTrac, a company that collects and analyzes housing data”:
There are a few things driving this. Last summer, interest rates on mortgages jumped sharply. And though rates are still low by historic standards, relatively higher rates make borrowing money a less appealing option. If you do want a mortgage, you might not be able to get one: Lending standards remain unusually tight, keeping lots of potential buyers out of the market.
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