A sold sign is posted in front of a home at a new housing development.

Photo by Justin Sullivan / Getty Images

 

Investors snap up cheap homes, new buyers miss out

WASHINGTON (AP) — Home sales are starting to tick up after the worst year in more than a decade. But the momentum is coming from cash-rich investors who are scooping up foreclosed properties at bargain prices, not first-time home-buyers who are critical for a housing recovery.

The number of first-time buyers fell last month to the lowest percentage in nearly two years, while all-cash deals have doubled and now account for one-third of sales.

A record number of foreclosures have forced home prices down in most markets. The median sales price for a home fell last month to its lowest level in nearly nine years, according to the National Association of Realtors. Read more

1 Comment

  1. Orval on March 1, 2011 at 12:16 am

    It is rare to find skilled persons about this issue, nevertheless, you seem like you no doubt know exactly what you are dealing with! Bless you

Leave a Comment