Nomura Securities on U.S. Banks: Who's Buying Up Homes?
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Nomura Securities on U.S. Banks: Who's Buying Up Homes?
Analyst, Brian Foran, said, "Home sales v. mortgage applications. Home sales have started to improve. Mortgage purchase applications and approval ratios have not improved. This is unusual. Cash buyers are buying these homes, rising steadily from 15% of home sales five years ago to 35% today. We spoke with about 30 real estate brokers around the country to determine the two big groups of cash buyers are investors and foreigners. This could affect housing turnover. Brokers say investors usually are buying with ~10 year time frames, while first time home buyers usually own for ~6 years before trading up to a bigger house."
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Analyst, Brian Foran, said, "Home sales v. mortgage applications. Home sales have started to improve. Mortgage purchase applications and approval ratios have not improved. This is unusual. Cash buyers are buying these homes, rising steadily from 15% of home sales five years ago to 35% today. We spoke with about 30 real estate brokers around the country to determine the two big groups of cash buyers are investors and foreigners. This could affect housing turnover. Brokers say investors usually are buying with ~10 year time frames, while first time home buyers usually own for ~6 years before trading up to a bigger house."
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