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Competing to buy homes against all-cash buyers

Kenneth Harney has an excellent column about how the government is trying to help average homebuyers compete to buy foreclosed homes taken over by Fannie Mae or Freddie Mac, who usually sell off foreclosed homes to all-cash investment buyers.

There’s not a lot of such average-buyer homes available in Massachusetts, which wasn’t hit as hard as other states by the subprime fiasco. But they’re there.

Fannie Mae’s Home Path program, for instance, lists a handful of properties in Boston, Somerville, Brockton and Worcester, though none in, say, Cambridge. (No surprise there.) Check it out.

Incredibly, Harney said 42 percent of all homes sold last month in the US went to cash buyers, an all-time high. With the housing market recovery now allegedly underway across most of the nation, you’d think the all-cash purchases would be declining. But they’re not. It’s an amazing stat.

Photo via WikiMedia Commons.

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