Cash Home Purchases Hit Record in First Quarter

Irvine, CA, May 8, 2014 -- All-cash home purchases hit a record 43% of U.S. deals in the first quarter, more than double the share a year ago, according to data firm RealtyTrac Inc.

Cash is helping residential sales as rising interest rates and difficult credit requirements are shutting many first-time buyers out of the market.

As institutions have scaled back their purchases of foreclosed homes, smaller investors, are finding better deals, said RealtyTrac Vice President Daren Blomquist.

In the Miami area, 67.1% of transactions were cash sales, the high for the country. Other areas included New York, 57%; Detroit, 53.5%; Atlanta, 53.2%, RealtyTrac said.