Baby boomers now dominate all-cash purchases

Baby boomers are making the most all-cash deals out of all homebuyers since they are now on the cusp of retirement. Per Bloomberg:

“Cash purchases are on the rise because older homeowners who have decades of home-equity accumulation don’t want the hassle of a mortgage,” Lawrence Yun, chief economist of the National Association of Realtors. “With the economy improving and the stock market at record highs, boomers are the ones who are driving the market.”

In 2012, there were a record 61.8 million Americans over the age of 60, according to the Census. That compares with 46.6 million in 2000.

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