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More cash buyers entering local real estate market

Joe Ruble WDBO
More cash buyers entering local real estate market - United States - real estate market - buyers

2009 was a record year for foreclosures. We now have the figures. The RealtyTrac Year-End market report unveiled Thursday counted a record 2.8 million properties in foreclosure nationwide last year. Nevada led all states, followed by Arizona and Florida.

The chairman of the Orlando Regional Realtors Association can believe it!

"It has been much harder than it ever has been to get a property closed."

Kathleen Gallagher McIver says the market is changing this year. For one thing, more buyers are sidestepping the lending process.

"A lot of homeowners are purchasing with cash," she said.

"You know you hear credit is tightning and people aren't lending and then you have cash people coming into the market. That's been a real eye opener for us."

It's led to some optimism among Realtors.

"People have a better feeling for the year. They're thinking that we're going to see a lot of homes transacted, partially because of the affordability."


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