Keith Jurow argues that all-cash purchases of homes, via investors and the rich, are perhaps becoming a new norm, not just a downturn-era trend. Jurow:
Recent articles have indicated that all-cash buying is picking up in markets beyond the three I’ve mentioned. The New England real estate news website, Banker & Tradesman, reported in mid-August that in the first half of 2011, nearly 37% of all purchases in Massachusetts were all-cash deals. More than 53% of sales in Cambridge were to all-cash buyers as were 50% of purchases in Edgartown and Provincetown as well.
File under: Let them eat cake