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Cash is king for homebuyers

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All-cash offers crushing first-time homebuyers

Diana Olick
CNBC

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7 hours ago

Justin Sullivan / Getty Images

Out of reach for first-time buyers? All-cash investors are shouldering first-time buyers out of the housing market.

Insatiable demand from hedge funds, private equity investors and foreign buyers, all armed with ready cash, are elbowing first-time buyers out of the housing market.

First-time buyers tend to purchase lower-priced homes, but all-cash investors have cornered the market on those, leaving little behind. All-cash purchases accounted for 42.1 percent of all U.S. residential sales in December, up from 38.1 percent in November, and up from 18.0 percent in December 2012, according to a new report from RealtyTrac

The phenomenon is putting up another roadblock for young Americans already assailed by high student loan debt, poor wage growth and less-than-pristine credit.

First-time homebuyers, historically about 40 percent of the market, accounted for just 27 percent of sales nationally in December, the lowest since the National Association of Realtors began tracking this cohort in 2008.

The investors are largely hedge funds and private equity, as well as international buyers, such as upper middle class Chinese buying in California — all part of the new single-family rental trade.

While the Realtors show a smaller share of all-cash buyers, 32 percent, they don’t capture sales of homes outside their “multiple listing services,” which would include sales of homes at auctions or by banks. In any case, the share is a, “phenomenal, very, very high percentage,” according to the Realtors’ chief economist, Lawrence Yun.

That leaves out would-be buyers such as Morgan and Tyler Brasfield, who are “dying” to buy a home, especially since the birth of their second child six months ago. 

Unfortunately they just don’t have the cash to compete in today’s San Francisco housing market, so they continue to rent.

“People are coming in with full-cash offers that are significantly higher than asking,” said Morgan, as she corralled her 2-year-old on the playground. “So if you find a home for a little over a million, which would be a fixer-upper here, you can expect to pay two to three hundred thousand more than asking.”

But even if they were looking in a less pricey, less competitive area, Morgan admits they would still have trouble coming up with the down payment; Tyler, who is now working in finance, just graduated from business school a year ago. 

“We need to focus on the student loans right now,” said Morgan.

Distressed properties made up just over 16 percent of all U.S. home sales in 2013, up from 14.5 percent in 2012, according to RealtyTrac. These homes tend to be priced under $100,000, a sweet spot for first-time buyers. Sales of homes in that price category fell 11.5 percent in December from a year ago, according to the Realtors, while sales of homes priced above $250,000 jumped over 14 percent.

Tough credit
Tough credit is also hitting younger buyers hardest. Today’s mortgage lenders require higher down payments, and while first-time buyers used to get help from their parents, that well has dried up for some, as older Americans lost much of their savings in the recent financial crisis.

First-time buyers often turn to FHA loans, the government mortgage insurer, but premiums and fees there have gone up dramatically in the past year, and FHA’s share of the market has dropped accordingly.

On the brighter side, another report from Inside Mortgage Finance shows Fannie Mae and Freddie Mac easing the doors open a bit more to first-time buyers. The share of Fannie Mae/Freddie Mac financing for first-time homebuyers hit 19.5 percent in December. That compared with 14.1 percent a year earlier.

Credit aside, there is still the simple fact that house prices shot up like a rocket in 2013, well into the double digits nationally.

“Below the surface of last year’s market, a number of unsettling trends started to emerge as a result of rapid and ultimately unsustainable appreciation, setting up a bit of a mixed bag for 2014,” said Zillow‘s chief economist, Stan Humphries.

“Affordability issues will help put the brakes on many markets that saw huge appreciation rates, like California and the Southwest, creating volatility that could potentially cause whiplash for homebuyers and sellers.”

By CNBC’s Diana Olick. Follow her on Twitter @Diana_Olick.

Video: CNBC’s Diana Olick provides insight on weakening home sales data at the end of last year.

© 2013 CNBC LLC. All Rights Reserved

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Real estate,
home-buyers,
Economy
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All-cash offers crushing first-time homebuyers

Thumbnail

home-buyers

All-cash offers crushing first-time homebuyers

Diana Olick
CNBC

Facebook
Share on Facebook

LinkedIn

GooglePlus

Email

2 hours ago

Justin Sullivan / Getty Images

Out of reach for first-time buyers? All-cash investors are shouldering first-time buyers out of the housing market.

Insatiable demand from hedge funds, private equity investors and foreign buyers, all armed with ready cash, are elbowing first-time buyers out of the housing market.

First-time buyers tend to purchase lower-priced homes, but all-cash investors have cornered the market on those, leaving little behind. All-cash purchases accounted for 42.1 percent of all U.S. residential sales in December, up from 38.1 percent in November, and up from 18.0 percent in December 2012, according to a new report from RealtyTrac

The phenomenon is putting up another roadblock for young Americans already assailed by high student loan debt, poor wage growth and less-than-pristine credit.

First-time homebuyers, historically about 40 percent of the market, accounted for just 27 percent of sales nationally in December, the lowest since the National Association of Realtors began tracking this cohort in 2008.

The investors are largely hedge funds and private equity, as well as international buyers, such as upper middle class Chinese buying in California — all part of the new single-family rental trade.

While the Realtors show a smaller share of all-cash buyers, 32 percent, they don’t capture sales of homes outside their “multiple listing services,” which would include sales of homes at auctions or by banks. In any case, the share is a, “phenomenal, very, very high percentage,” according to the Realtors’ chief economist, Lawrence Yun.

That leaves out would-be buyers such as Morgan and Tyler Brasfield, who are “dying” to buy a home, especially since the birth of their second child six months ago. 

Unfortunately they just don’t have the cash to compete in today’s San Francisco housing market, so they continue to rent.

“People are coming in with full-cash offers that are significantly higher than asking,” said Morgan, as she corralled her 2-year-old on the playground. “So if you find a home for a little over a million, which would be a fixer-upper here, you can expect to pay two to three hundred thousand more than asking.”

But even if they were looking in a less pricey, less competitive area, Morgan admits they would still have trouble coming up with the down payment; Tyler, who is now working in finance, just graduated from business school a year ago. 

“We need to focus on the student loans right now,” said Morgan.

Distressed properties made up just over 16 percent of all U.S. home sales in 2013, up from 14.5 percent in 2012, according to RealtyTrac. These homes tend to be priced under $100,000, a sweet spot for first-time buyers. Sales of homes in that price category fell 11.5 percent in December from a year ago, according to the Realtors, while sales of homes priced above $250,000 jumped over 14 percent.

Tough credit
Tough credit is also hitting younger buyers hardest. Today’s mortgage lenders require higher down payments, and while first-time buyers used to get help from their parents, that well has dried up for some, as older Americans lost much of their savings in the recent financial crisis.

First-time buyers often turn to FHA loans, the government mortgage insurer, but premiums and fees there have gone up dramatically in the past year, and FHA’s share of the market has dropped accordingly.

On the brighter side, another report from Inside Mortgage Finance shows Fannie Mae and Freddie Mac easing the doors open a bit more to first-time buyers. The share of Fannie Mae/Freddie Mac financing for first-time homebuyers hit 19.5 percent in December. That compared with 14.1 percent a year earlier.

Credit aside, there is still the simple fact that house prices shot up like a rocket in 2013, well into the double digits nationally.

“Below the surface of last year’s market, a number of unsettling trends started to emerge as a result of rapid and ultimately unsustainable appreciation, setting up a bit of a mixed bag for 2014,” said Zillow‘s chief economist, Stan Humphries.

“Affordability issues will help put the brakes on many markets that saw huge appreciation rates, like California and the Southwest, creating volatility that could potentially cause whiplash for homebuyers and sellers.”

By CNBC’s Diana Olick. Follow her on Twitter @Diana_Olick.

Video: CNBC’s Diana Olick provides insight on weakening home sales data at the end of last year.

© 2013 CNBC LLC. All Rights Reserved

Tags:

Real estate,
home-buyers,
Economy
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BluFi Unveils New Loan Approval Program to Help Home Buyers in Competitive Real Estate Market

SAN DIEGO, Nov. 5, 2013 /PRNewswire/ — BluFi Lending (@BluFiLending), a direct lender for home loans, announces its new approval process, the Forward Advantage Buyer (FAB) program. The FAB program provides full mortgage loan approval by an underwriter minus appraisal, title, and escrow to enable borrowers to immediately put down an offer when they find the perfect home. With a FAB approval, BluFi can close on a loan 17 days after the buyer chooses their dream home and opens escrow.

(Logo: http://photos.prnewswire.com/prnh/20131105/LA10462LOGO)

BluFi decided to offer the FAB approval because they wanted to help BluFi homebuyers acquire an “edge” in the current competitive real estate market, and get home loans appropriate for their budget. Once a borrower has BluFi’s FAB approval, they will know precisely the size of loan they will get before putting an offer down on a home. The FAB program helps borrowers avoid missed opportunities due to wasted time, and levels the playing field when competing against cash buyers. Real estate professionals and sellers are more confident in FAB-approved buyers because an underwriter-approved loan translates into a quick close.

There are three main types of approval in home lending. A pre-qualification is a broad estimate of the loan size a borrower can afford based on a quick credit check by a loan originator and stated information from the applicant. A pre-approval comes from a loan originator and is stronger because it is based on a credit check and minimal verified documentation. But final loan approval does not occur until full verification is approved by an underwriter. Oftentimes, buyers believe their pre-approval is final, only to lose out on a property when their documentation was submitted to an underwriter. FAB approval is the strongest approval because it is based on verified credit check and documentation and is approved by an underwriter prior to finding an actual property. 

Most consumers shop for a home with only a pre-approval, and do not obtain final underwriter approval until they have chosen their specific property. With FAB approval, buyers get full underwriter approval first, then shop. When they find their dream home, there is no waiting, they can immediately put in an offer.

“The FAB program is our way of putting families in the right home with the right loan,” said BluFi Lending President and CEO, John Lee. “We’re helping our clients stay competitive when they shop for their home, but we’re also acting as a responsible lender. In the past, many people were given loans that were too expensive without the proper education on their options. With early input from underwriters, the FAB program will help borrowers make smarter financial decisions and choose the loan, and the home, that’s perfect for them.”

People interested in more information about the Forward Advantage Buyer program can visit BluFi’s website at BluFi.com/FAB, or call a mortgage banker at 1-800-644-7779.

To learn more about BluFi Lending visit BluFi.com; BluFiBlog.com and facebook.com/BluFiLending.

About BluFi Lending

BluFi Lending is a direct lender helping consumers save money on home loans for purchase or refinance. As a direct lender, BluFi eliminates the middle man and facilitates all final decisions in-house so the home loan process is fast, easy and stress-free. BluFi provides a simplified process, certainty on close and clarity at every step. The company is licensed in eight states and works with highly trained mortgage bankers and real estate professionals to ensure fast funding, exceptional customer service and competitive rates and fees. BluFi Lending: Making Homes Happen. Visit BluFi.com or call 1-800-644-7779 to learn more.

Equal Housing Lender. Terms and conditions are subject to change without notice. Loans will be arranged or made pursuant to Department of Business Oversight California Finance Lenders Law. License #603H302. CORP NMLS #279622.

Media Contact:
Lexy Haynes
Clearpoint Agency, Inc.
alexia@clearpointagency.com

Cash Out Refinance Loan Guide Now Available At LoanLove.com

Cash Out Refinance Loan Guide Now Available At LoanLove.com

Loan Love’s new cash out refinance guide can help borrowers to understand the pros and cons of this potentially very useful loan type.

San Diego, CA (PRWEB) October 28, 2013

LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. Loan Love is able to provide loan borrowers with the essentials when shopping for any particular loan. One of the loan types that was recently covered in a guide from Loan Love is the cash out refinance loan.

The article explains that while it used to be commonplace for people to strive to pay off their mortgages in full as fast as possible so that they could live in their homes free and clear, the thinking on this has changed quite a bit over the years. Nowadays it can often be more beneficial to continue to pay mortgage payments, thanks to tax laws that allow deductions for mortgage interest. Also, while in the past tapping into home equity was nearly impossible (thus eliminating any incentive to refinance a mortgage if the term was already up) now it is easier than ever with equity loans, lines of credit, and of course, cash out refinances.

So, just what is a cash out refinance? The Loan Love article states: “The concept is actually pretty simple: As you pay off your mortgage – and if your home increases in value, as most homes tend to do in “normal” housing markets – eventually, you’ll have a significant gap between what you owe on your home and what it’s worth; that’s the equity that’s freed up in a cash-out refinance. A cash-out refinance lets you refinance the terms of your loan and place a new and bigger mortgage on it, enabling you to have access to that equity. For instance, say you have a mortgage of $150,000 remaining on your home. Over time, the value of your home has increased to $250,000. That $100,000 difference is the equity you have in your home, and thanks to the cash-out refinance, it could be burning a hole in your pocket in just a few weeks.”

There are many reasons people usually use cash out refinances to tap into their equity. Some of these reasons may include: college tuition, wedding expenses, medical expenses, purchasing an investment property, starting a new business, or for home renovations (which would increase the home’s equity in the process.) The article ends by saying: “No matter what the reason, that equity is your money. Why keep it locked up in your house? A cash-out refinance means you can access that value and still save money by taking advantage of today’s low rates.”

For the full cash out refinance guide, please visit LoanLove.com.


Cash Out Refinance Advice Given In A New Guide From LoanLove.com

Cash Out Refinance Advice Given In A New Guide From LoanLove.com

Loan Love helps borrowers decide if a cash out refinance is the best choice for them with a newly posted article.

San Diego, CA (PRWEB) October 18, 2013

LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. To help loan borrowers get the latest scoop on mortgage loan news, the loan advice website is constantly providing readers with guide videos and articles when it comes to their mortgage inquiries. Their newest featured article continues to provide the most up to date and relevant information by providing cash out refinance advice for those who wish to get access to their home’s equity.

The article says: “Thinking of tapping into your home’s equity for a major expenditure like home renovations, college expenses or to pay back high-interest debts? Unsure whether a cash out refinance loan vs a home equity loan is a better choice for you? Fret no more, ‘cause we’re about to lay down a little pro-con information that will help you understand which is the right one for you. First thing to know: While both a refinance loan and a home equity loan will let you access your home’s equity, they differ in the way they “attach” themselves to your property. A refi loan is simply a brand-new mortgage that replaces your old mortgage, while a home equity loan is a loan in addition to your existing mortgage. That means that with a home equity loan, you’ll still be paying your regular mortgage and you’ll also need to pay the monthly payment for your home equity loan.”

The article then goes on to point out some of the bigger pros and cons of each loan type. For example, for those considering a cash out refinance, it would be wise to consider how long they plan to stay in their homes, as the high closing costs of these loans would mean that those planning to move in a few years would probably be paying more on these costs than the loan is worth. Those who are close to paying off their mortgages might also want to consider other options, as they will be building equity faster at this stage of their loan and may not want to hurt that by refinancing to a new mortgage.

While home equity loans do not have the associated closing costs that refinances have, they do have their cons as well. Since it is an additional loan, this means that those who opt for home equity loans will need to be able to pay the additional expenses on top of what they are already paying with their monthly mortgage payments. This will obviously make this a bad choice for those who are already struggling to keep up with their monthly payments.

The Loan Love article ends by saying: “Sadly – for you – what it usually comes down to is crunching the numbers. So shop around, take advantage of available calculators, and take the time to make sure the loan you choose is the smartest financial move for you.”

For more information on what to look for when choosing between cash out refinances and home equity loans, please visit LoanLove.com for the full article.


Cash Out Refi Help Available From LoanLove.com

San Diego, CA (PRWEB) October 13, 2013

LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. In order to help borrowers find the best loans for their situations, the website is continuously updated with new materials that can help them understand the options that are available to them. Recently, the loan advice website posted an article that explains more about the cash out refi loan, and why it is an attractive choice for many homeowners nowadays.

The Loan Love article explains: “It used to be that one of the goals of homeownership was to eventually pay off your home loans and live in your house mortgage-free. Sucker! Nah, just kidding. But it is true that in the past couple of decades, that kind of mindset has kind of gone by the wayside for a lot of people. Why? Well, for one thing, tax laws that let you deduct your mortgage interest are a big plus for a lot of homeowners: Pay off your mortgage and you lose one of the biggest tax advantages available to the average (i.e., not super-rich) person. Also, while your parents or grandparents may have had a difficult time accessing any equity they’d built up in their home over time, many lenders today have made it easy to tap into that equity with equity loans, lines of credit and the ever-popular cash-out refinance.”

The article explains that a cash out refinance allows the home owner to access the equity that they have built in their homes. Under normal circumstance, a homes value will continue to increase even as the owner is paying off their mortgage payments. Eventually, there will be a significant gap between what the borrower still owes on the house and what the house is actually worth. This difference is the “equity” that can be freed up through a cash out refi. The article explains:

“… say you have a mortgage of $150,000 remaining on your home. Over time, the value of your home has increased to $250,000. That $100,000 difference is the equity you have in your home, and thanks to the cash-out refinance, it could be burning a hole in your pocket in just a few weeks. Of course, you typically can’t access the entire amount of your equity. Usually, you’re limited to a loan-to-value (LTV) ratio of about 80%, although some lenders may allow 90% LTVs (generally with a significantly higher interest rate as well as points – and you’ll also have to pay private mortgage insurance).

There are lots of reasons to cash out:

Pay for college tuition for your kids or yourself
Afford that wedding of your dreams – or your child’s dreams
Get those renovations done on your home – and increase your equity all over again in the process
Buy an investment property
Start a new business and thumb your nose at your corporate gig”

For more information on how to benefit from a cash out refinance, please visit LoanLove.com for the full cash our refi guide.


Tenant Loans – A Review | Payday Loan

Image payday-loans-62.jpg

Unsecured loans such as the tenant loans don’t require any assets as collateral and so are seen as an ideal venture which is less risky. One must surely know the advantages as well as disadvantages of these loans before making the decision of opting for one.

One big advantage is that unsecured loans are available to all types of people including the tenants and homeowners alike. The homeowner can avoid the risk of losing his home and other assets by settling for tenant loans, as they are unsecured. As the amounts are small and require no collateral evaluation for these loans, it is easy for the lender to process the loan application fast and payout the money even on the same day.

cash loan, private personal loans, online payday cash,

The lender of tenant loans has a greater risk as there is no security to fall back upon in case of default. In case of nonpayment by the borrower the lender, though has recourse to legal action for recovery of loans, will find it slow, cumbersome and expensive. Homeowner borrowers need not lose sleep over a missed payment, as their homes are safe since they are not pledged as collateral.

Tenant loans are approved quickly on proper online application, as there is no property evaluation or credit appraisal. The paper work is far less and where pre approved unsecured loans are on offer, these can be availed of at the click of the mouse or key on the relevant option provided at the bank’s home banking website.

Tenant loans are not without disadvantages. The first is the high rate of interest as these loans are unsecured and are backed only by trust. As it is a high-risk product for the lender, naturally higher the risk means higher the rate of interest. Moreover borrowers with bad credit history will have to pay higher rates of interest compared to those with good credit rating. Other disadvantages are unsecured loans are given only in small amounts and repayment schedules are not variable that is, one cannot adjust to a lower amount of installment. Also foreclosure or closure of loan before its due date will attract fine or penalty. Thus it is not flexible.

Tenant loans are an ideal way of obtaining some money in case of financial emergency for tenants who don’t own a home or those who have a bad credit history or are unemployed temporarily. Ideally there are many options available in the market for small finance needs with negotiable interest rates and terms of repayment.


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It is possible that a

cash advance online

will help you furnish your home. It could be true if you are going to take the few hundred dollars from your direct cash advance loan and shop the garage sales. Often times, garage sales will sell items to furnish homes. It may take a few weeks and lots of driving around town to find the items you need, they may not even match, but it is possible to furnish your home with a payday loan online.


People with no credit and bad credit scores have a tough time making large purchases. Besides online payday loans which do not do credit checks, there are pawnshops and title loans. Not everyone has stuff to pawn or a car owned outright. These money avenues will still make it tough to furnish homes because of the short payoff period. Payday loans will expect a full payoff on an average of two weeks while the others will usually give you a month. It would take some serious planning and budgeting expenses to make that work. That is why these types of loans are good for emergencies, but not for living expenses.
There is an avenue that someone with poor credit can go to help get items for their home. Rent-to-own stores will deliver the items to your home while you make the payments. These payments may be weekly, bi-weekly or monthly, but you will be held accountable for making them or the items will be repossessed. There is no guarantee that the items are brand new or never been used, but it is an easy way to get furniture or a television in to your home when your credit will not provide another way.
Rent-to-own customers end up paying way too much when the items are purchased. The service does not hide this fact, but does offer the consumer an opportunity which may not come elsewhere.
When there is no credit or poor credit, having any option is something to be excited about. There are enough consumers looking for the “other” avenues to make financial matters work. These businesses offer the opportunity to furnish their homes without having to go garage sales. There will always be a price to pay when your options are limited. Towns with only one store do not need to make their prices competitive. Rent-to-own stores will make money off customers who have no other place to go.
There are some good things from rent-to-own stores.
* NO credit check
* If you fail to make your payment and the items are repossessed, it will not be reported to your credit.
* If you need to furnish a place for a short period of time, it is a less expensive way than having to buy outright.
* Gives people an additional opportunity.
Direct cash advance loans online offers that extra avenue for fast cash when other doors are closed. The price may be higher than an average loan, but there is always a price to pay when other opportunities are limited. Do your shopping and know all your options before making any financial decision.

Why cash deals rule in real estate

Gone are the days when banks were happy to grant 50-year mortgages, and throw in an extra bit of cash to cover furniture and refurbishment. Those conditions were granted back when taking out a home loan meant getting indebted for life. But these days, with the crisis still raging, seven out of every 10 home purchases in Spain are paid in full. Credit has dried up, and most of those properties still being bought up are paid for with savings or donations from family members.

But there is another explanation for all the upfront payments: the rise in foreign buyers, who now represent 17 percent of the total, according to figures from the Public Works Ministry. These international clients are paying with funds of their own or with bank loans secured in their own countries.

Nigel Salmon is the general director of Girasol Homes, a property finder based in Wales that sells homes in Florida, Spain and Portugal. Their clients, he says, are mostly retired folks and people who have been waiting for prices to go down during the last few years, hoping they could finally afford an apartment by the sea. “In the last two years it’s gotten a lot easier to sell,” he claims. Girasol Homes has listings in the Valencia region, Murcia and Andalusia for as little as 50,000 euros. Buyers are mostly British, Dutch, Belgian, French and Russian nationals, and the majority don’t bother taking out a mortgage. “Since they were not able to buy a home during the recession, they had time to save,” says Salmon.

Before the real estate bubble burst, upfront purchases represented 37.3 percent of total sales, according to the Higher Council of Notaries. That rate has doubled, and in June it represented nearly 68.6 percent of all sales. A study by Pompeu Fabra University (UPF), based on figures provided by the property chain Tecnocasa, shows that in the first quarter of 2013, just over 60 percent of transactions did not require a home loan.

The trend is not just being seen in Spain. In the United States, more than half of all home purchases in the last 18 months were paid upfront, according to Goldman Sachs. In 2005, these sales represented just 10 percent of the total. The investment bank says this is due to the growing role of investors in the housing market, together with potential buyers’ difficulties accessing loans because of restrictive application conditions.

José García Montalvo, a lecturer at UPF in Barcelona, is working on a paper to explain this trend in Spain. The first reason, he says, is “the strong price reduction that allows buyers with some savings to pay without the need for a loan.” This price reduction accelerated during the first quarter of the year, and coastal areas that are rife with vacation homes have seen a drop of more than 50 percent in real terms.

Notary statistics show that it is precisely these coastal areas that have been attracting most of the foreign capital. International buyers now represent 36.3 percent of all home buyers in Girona province, 39.9 percent in Málaga and 40.5 percent in Tenerife. “Although transactions fell again in the first few months of 2013, there are provinces such as Alicante, Murcia, Tarragona and Almeria where sales have picked up,” says Luis Montes, director general of Grupo Banco Sabadell. Montes explains that his bank’s sales to foreign home buyers – over 25,000 units – reached a historic peak in 2012, surpassing 2007 figures. In Alicante, foreign home buyers are already the majority, representing 54.2 percent of all sales.

“Ninety-nine-point-nine percent are foreigners,” adds Brigitte Castaño, a realtor at ReMax in Alicante, speaking about her own client base. “There are lots of Belgians, but also French, Swiss, Scandinavian and Russians.” These have recently been joined by Algerians, because of the good sea and air connections between Alicante and Oran. “They are mid- to high-class citizens in the liberal professions,” says Castaño, adding that nearly all of her clients “pay upfront.”

And it’s not just the final customers who are buying homes. The UPF study found a lot of “small domestic investors who are buying homes in off-center locations for 70,000 to 80,000 euros.” Luis Montes, of Grupo Banco Sabadell, can attest to the return of “the private investor.” “This buyer is diversifying his savings by investing in housing, which means a good number of cash transactions,” he explains.

Yet the upfront purchases do not merely reflect the arrival of cash-filled foreigners. There is another, less-sympathetic side to the story. “Banks have adjusted their risk parameters and decided to reduce their exposure to the housing sector. That is why it’s harder to obtain a mortgage,” says García Montalvo in his study.

Ignacio Navas, coordinator at the Housing Observatory of the Superior Notary Council, believes that these numbers “are not good news.”

“There are lots of donations, but unfortunately not everyone has access to the NGOs that families have become,” adds [...]