Hot housing market drives more cash purchases

06/10/2013 | New York Times (tiered subscription model), The

In some housing markets, the competition for homes is so tight that prices are rising and many deals are requiring cash offers. In Los Angeles, for example, nearly a third of first-quarter home sales were cash purchases. The trend makes it more difficult for first-time buyers, who generally rely on mortgages, to participate in the market.

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New York Times (tiered subscription model), The

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