Historically, 14% of all houses and condos have sold for cash in California. Then this past January, the rate was nearly 31% - a record, and about 1.5% higher than January of 2010.
The numbers come from DataQuick Information Systems. Andrew LePage is an analyst with the real estate research firm.
"For some people they're using cash because they can't qualify for a loan. Others think this is a good place to park their cash right now, that in the long run housing will prove a good investment. These are people who figure we can't be too far from a price bottom."
Cash sales were particularly strong in the Sacramento area where 37.5% of all homes sold were purchased without a mortgage. Merced County had the region's highest rate of 46.5%