Interest rates on mortgages increased over the summer, and lenders are still holding back on loans, but the cause of the surge in all-cash home sales is a cause for concern for the long-term health of the housing market.
A new report by RealtyTrac includes data showing that all-cash purchases accounted for 42.1 percent of all residential sales in the United States in December, up from about 20 percent at the beginning of 2013.
Julia Zhu, reporting the news of the data, quotes Daren Bloomquist, vice president, of RealtyTrac, to discuss the implications of the trend, which is described as a “red flag” for the housing market: “"It's like we put the fate of the housing market in the hands of the wealthy few…Hopefully we can see the number of cash buyers go down. That's what we need to see for long-term recovery."
FULL STORY: An Astonishing Share Of Homebuyers Are Paying All Cash
In Sign of Improving U.S. Housing Sector, Building Permits Hit 5-Year High
New data from the Commerce Department reveals that more than 1 million residential building permits were issued last month. Though construction activity has reached a 5-year high, economists caution that other data indicates rates are slowing.
Understanding Average Versus Median Rent
The disparity between these commonly used terms can give vastly different outlooks on the housing market.
How ‘Filtering’ Opens Up Affordable Housing
An analysis of 12 U.S. cities found that new market-rate construction often leads to more affordable units becoming available, but the effect varies across housing markets.
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
Planning for Accessibility: Proximity is More Important than Mobility
Accessibility-based planning minimizes the distance that people must travel to reach desired services and activities. Measured this way, increased density can provide more total benefits than increased speeds.
World's Largest Wildlife Overpass In the Works in Los Angeles County
Caltrans will soon close half of the 101 Freeway in order to continue construction of the Wallis Annenberg Wildlife Crossing near Agoura Hills in Los Angeles County.
Eviction Looms for Low-Income Tenants as Rent Debt Rises
Nonprofit housing operators across the country face almost $10 billion in rent debt.
Brightline West Breaks Ground
The high-speed rail line will link Las Vegas and the Los Angeles area.
Colorado Bans No-Fault Evictions
In most cases, landlords must provide a just cause for evicting tenants.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
Tufts University, Department of Urban and Environmental Policy & Planning
City of Universal City TX
ULI Northwest Arkansas
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
