South Florida Leads Nation In Cash Home Sales

ORLANDO (CBSmiami/AP) — It’s been said that ‘cash is king’ when making purchases and nowhere in the country is that more true than South Florida when it comes to buying a home.

A report released Tuesday by the RealtyTrac research firm says South Florida was at the top of the list. Just under two-thirds of all home sales there were done in cash in the second quarter of this year.

South Florida was followed by the Fort Myers, Sarasota, Tampa, Lakeland and Orlando areas.

Nationwide, all-cash sales made up just under 38 percent of all home sales. That’s down from 42 percent in the previous quarter.

RealtyTrac says institutional investors accounted for just 5 percent of all homes nationwide in the second quarter of the year. That’s down from just under 6 percent a year ago.

Institutional investors are defined as investors who buy at least 10 properties in a calendar year.

(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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