Interest rates on mortgages increased over the summer, and lenders are still holding back on loans, but the cause of the surge in all-cash home sales is a cause for concern for the long-term health of the housing market.
A new report by RealtyTrac includes data showing that all-cash purchases accounted for 42.1 percent of all residential sales in the United States in December, up from about 20 percent at the beginning of 2013.
Julia Zhu, reporting the news of the data, quotes Daren Bloomquist, vice president, of RealtyTrac, to discuss the implications of the trend, which is described as a “red flag” for the housing market: “"It's like we put the fate of the housing market in the hands of the wealthy few…Hopefully we can see the number of cash buyers go down. That's what we need to see for long-term recovery."
FULL STORY: An Astonishing Share Of Homebuyers Are Paying All Cash
In Sign of Improving U.S. Housing Sector, Building Permits Hit 5-Year High
New data from the Commerce Department reveals that more than 1 million residential building permits were issued last month. Though construction activity has reached a 5-year high, economists caution that other data indicates rates are slowing.
What’s in a Name? Investors vs. Speculators
We don’t often make a clear distinction between investors and speculators, which makes it harder to identify harmful behavior — and to find solutions for it.
Fannie Mae Economists Predict Slow Housing Market in 2025
A December report forecasts a continued “lock-in effect” due to high mortgage rates and a low production of multifamily housing.
Alabama: Trump Terminates Settlements for Black Communities Harmed By Raw Sewage
Trump deemed the landmark civil rights agreement “illegal DEI and environmental justice policy.”
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
The 120 Year Old Tiny Home Villages That Sheltered San Francisco’s Earthquake Refugees
More than a century ago, San Francisco mobilized to house thousands of residents displaced by the 1906 earthquake. Could their strategy offer a model for the present?
Indy Neighborhood Group Builds Temporary Multi-Use Path
Community members, aided in part by funding from the city, repurposed a vehicle lane to create a protected bike and pedestrian path for the summer season.
Congestion Pricing Drops Holland Tunnel Delays by 65 Percent
New York City’s contentious tolling program has yielded improved traffic and roughly $100 million in revenue for the MTA.
In Both Crashes and Crime, Public Transportation is Far Safer than Driving
Contrary to popular assumptions, public transportation has far lower crash and crime rates than automobile travel. For safer communities, improve and encourage transit travel.
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