Cash Is King In Florida Real Estate

MIAMI (CBSMiami/AP) – When it comes to buying a house or condo in Florida, cash is king.

Almost two-thirds of Florida housing sales in the first quarter of this year were done in cash, according to the study by the research firm RealtyTrac.

That is the highest rate in the nation and well above the national average of 42.7 percent.

Five Florida metro areas also had the nation’s highestrates of cash sales. Those areas were Miami, Cape Coral-Fort Myers, Sarasota, Palm Bay and Lakeland.

Daren Blomquist of RealtyTrac says the high rates of cash sales show that investors are still finding Florida popular.

Although the percentage of institutional investorshas declined from the end of 2013, mom-and-pop investors and foreign investors are still finding Florida attractive.