Cash only sales reach 57% in the US

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    • #57756

      This is in the US, but I suspect that it is prevalent worldwide, given the global lopsided distribution of wealth combined with the need for crime syndicates (that masquerade as leaders of some countries) to launder money:

      A new report from Goldman Sachs estimates that the number and dollar volume of homes purchased with all cash has risen to more than 50 percent nationwide, significantly higher than previous estimates.

      The company said the number of all-cash deals hit 57 percent in the first quarter of this year compared with only 19 percent in the first quarter of 2005. Over the same period, the dollar volume of all-cash deals has risen to 56 percent from 33 percent.

    • #118021

      Besides the laundered money. It may be that there are a lot of cash rich people, family credit in the absence of banks not lending and/or charging product fee,computer models rejecting good borrowers etc.

      As we all know that an ordinary consumers are not the serial money launderers. The once’s who are a conduit to money laundering of the cartels are the Banks as the recent case had once again highlighted, involving a well established international Bank with high street presence in the UK, USA and the far East..

    • #118057
      The Australian

      Guys, anybody knows what is the catch with managed US properties yielding 30% in Syracuse near New York?

      I get lots of these deals by a website but it seems to good to be true.

    • #118059

      When they state cash deals do they actually mean cash in a bag or cash as in no mortgage needed. There is a difference 😕

    • #118060

      @katy. I get your drift. I think in this instance cash means no mortgage. This is a misnomer cash should be readies in a sack, briefcase, brown envelope etc.

      If the buyers are Mexican drug barons than of course cash means cash unfolded after being used for snorting !!!!!f.

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