“The rates are great but the underwriting is brutal. They hang these people upside down and shake them till they see what falls out of their pockets. So people are buying with cash and maybe they’ll ‘refi’ later.”

-Henry Schlangen, Pacific Union International real-estate agent in Napa Valley, Calif.

Is the jump in cash purchases of mostly distressed real-estate “another sign of the revival of animal spirits in the U.S. economy” ?

That is what the author of the WSJ article Cash Buyers Lift Housing suggests this morning.

 Can cash buyers bring back the Boston condo market?

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