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Record Number of California Homes Bought With Cash in 2012

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(Sacramento, CA)
Wednesday, February 6, 2013

Nearly a third of the homes and condos purchased last year in California were bought with cash, according to DataQuick. That's 146-thousand properties - about 20-thousand more than in 2011, and a new record.  For some perspective, in 2007, as the housing market was deflating, there were about 40-thousand homes bought with cash.  

DataQuick says investor interest in what many consider the "deal of a lifetime," is driving cash sales.  The firm also credits the difficult mortgage environment and perceived higher returns on investment. 

Cash buyers paid a median price of 205-thousand dollars, and buyers who financed with a mortgage paid a median price of 305-thousand dollars last year.  DataQuick says investors and vacation home buyers bought about 55 percent of all homes purchased with cash last year.  
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