Tight Underwriting and Prospect of Discount Pricing Push More Homebuyers to Cash, HousingPulse Finds
June 28, 2012
The lure of discount pricing combined with the hassle of tough mortgage underwriting standards appears to be pushing more homebuyers away from mortgage financing and toward all-cash home purchases, the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey results suggest. According to the new HousingPulse data, the share of homebuyers relying on all-cash transactions climbed to a record high 35.2 percent in May. That was up from a 30.7 percent level a year ago and...