Wealthy homebuyers flash cash as mortgage rates climb

Source: Chicago Business — 

Nearly one-third of U.S. homes sold in July were all-cash deals, with Long Island and West Palm Beach topping the list. Here’s where Chicago and Milwaukee figured in the ranking.

(Bloomberg) — Wealthy homebuyers are charging in with all-cash purchases even as the broader housing market is slowed by rising mortgage rates.

Nearly one-third of homes sold in July were paid for entirely with cash, according to real estate brokerage Redfin. That share was up compared to last year and near the eight-year high reached in February. Cash offers have been more common during the pandemic housing frenzy, which has been marked by bidding wars for the limited inventory of available homes.