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Business Journal: Absentee Home Buyers Up

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(Sacramento, CA)
Tuesday, May 18, 2010
Remember the “flipper” craze a few years ago, when investors bought homes, fixed them up and sold them in a few months for a nifty profit?  Well, the trend has returned.  Auctions of bank-owned homes are attracting a lot of investors on county courthouse steps in the region — and many are buying the property with cash.
MDA DataQuick says absentee buyers, basically people who are not planning to live in the homes they purchased, made up 27 percent of homebuyers in March in Sacramento County, compared to 12 percent a year ago — and more than four times the statewide average.  The company also found that 30 percent of homes sold in March were bought for cash.  It’s a dramatic turnaround for the housing market, which has endured falling prices and rather sluggish sales during the past two years.
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