For many homebuyers, mortgage financing is hard to come by these days. Lenders have tightened up credit requirements in an about-face from the lax lending of pre-crisis days that's fueled record-high delinquencies. According to two separate industry surveys, cash transactions set a new record in February, accounting for 33 percent of home purchases. One report notes that the increase in cash purchases paralleled a rise in activity among investors who have their sights set on distressed properties that can be scooped up at a discount.
source: DSNews.com
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