Conservatives warned womanizer Liberal Bill Clinton about the subprime mortgage.69% of home sales are cash in S. Florida
Across the state, 66 percent of home sales were cash, compared with the national rate of 40 percent. One expert called Florida's rate "astounding."
With one of the nation's highest foreclosure rates, South Florida has a large supply of bank-owned properties. Lenders aren't interested in waiting for traditional buyers to qualify for mortgages, preferring instead to sell to investors paying cash.
And that has virtually shut out entry-level homebuyers.
"That's where all the action is," said Lex Levinrad, founder of the Distressed Real Estate Institute, a Deerfield Beach-based club for investors. "The banks have an urgent need to get these bad loans off their books as soon as possible. They're willing to sell for 30 percent less to a cash buyer rather than waiting for a buyer with a mortgage
When Bush attempted to fix the problem, he was called a racist.
See? Liberals are brain dead hypocrites.