The economic downturn and resulting housing crisis has resulted in a number of changes in how Americans both choose their homes and finance them. For instance, more are renting vs. buying their homes than ever before. Yet another surprising shift is the number of buyers purchasing homes in cash, thus eliminating the need for financing.
According to analysis by Goldman Sachs Group, approximately 20 percent of homes sold before the housing downturn were all-cash purchases (about 30 percent by dollar volume). That amount has nearly doubled in recent years. [Read more…]