By allowing ads to appear on this site, you support the local businesses who, in turn, support great journalism.
Bypassing mortgage rates: Share of US homes bought with cash hits highest level in nearly a decade
preview.jpg
FILE - A sign is seen near a home being remodeled, Wednesday, Oct. 12, 2022, in Towson, Md. Homebuyers who can afford to bypass the highest mortgage rates in two decades are increasingly forgoing financing and paying all cash. Homes purchased entirely with cash accounted for 34.1% of all sales in September, up from 29.5% a year earlier. - photo by AP Photo/Julio Cortez, File
LOS ANGELES (AP) — Homebuyers who can afford to bypass the highest mortgage rates in two decades are increasingly forgoing financing and paying all cash. Homes purchased entirely with cash, which means there was no reference to a mortgage on the deed, accounted for 34.1% of all sales in September. That's up from 29.5% a year earlier and the highest share in nearly a decade, according to a Redfin analysis of home sales in 40 of the nation's most populous metropolitan areas.