Interesting stats coming in from Realtytrac and Tyler Durden at Zerohedge. The articles are referencing the overwhelming number of purchases that are both ALL CASH and institutional investor purchases.
Institutional investors are those large investor conglomerates like Blackstone that are buying up every house in Jacksonville under $200,000. No kidding. About as fast as I can get homes on the market under $200k, that are newer homes, and in good condition, I get all cash - sight unseen offers from my friends at Blackstone. Regardless if they are short sales or not, they want them.
Jacksonville is one of their target markets, and the report stated several interesting facts:
- institutional investors made up 23 percent of home purchases in September nationwide
- ALL- cash purchases nationwide represented 49 percent of all residential sales
- 62% of sales in Jacksonville were ALL - cash in September
- Short sales are up compared to last year at this time
- 30% of all sales in Florida were Short Sales
Posted by Brad Officer on
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