In housing markets where distressed properties and lingering foreclosures are more common, all-cash deals are growing increasingly prevalent. Metropolitan areas like Atlanta––which boasts one of the highest foreclosure rates––have become attractive to private equity firms and investors looking to make a purchase before home prices begin to rise.
“The U.S. housing market is slowly but surely moving toward a more normalized and sustainable pattern after a flurry of institutional and cash buyers flocked to residential real estate last year, pushing up prices and picking clean the best inventory available in many areas,” said Daren Blomquist, vice president at RealtyTrac. “To compete in a market like New York, cash is king.”
According to Realty Trac, the top 10 cities where cash rules are:
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