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Featured Advisor

Ed Meek
CEO/Investment Advisor

Edge Portfolio Management


State: IL

At Edge, a low client to advisor ratio allows for personal and customized service for each individual.  Our goal is to work as a team for each client to provide not only portfolio management but wealth coordination and financial planning.  We make every effort to have frequent communication with our clients and to provide timely response to calls and emails.  I also enjoy spending time with my wife and three kids, playing and following basketball, playing golf, and participating as an advisory board member for Breakthrough Urban Ministries.

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Foreclosures Draw Investors Paying Cash

The percentage of homes bought with cash reached a record 33 percent in February, up from 32 percent last month, as tight credit and foreclosures continue to drag down the market, the National Association of Realtors reported today.

All-cash purchases are at the highest level since the NAR started tracking them in October 2008. All-cash deals accounted for 20 percent of sales in 2009, and 15 percent in 2008.

“The decline in price corresponds to the record level of all-cash purchases where buyers – largely investors – are snapping up homes at bargain prices,” said Lawrence Yun, chief economist for the National Association of Realtors. “We’d be seeing greater numbers of traditional home buyers if mortgage credit conditions return to normal.

Investors accounted for 19 percent of sales in February and 23 percent of sales in January, according to NAR data.

A sharp decline of 9.6 in existing home sales in February erased three months of gains that had been attributed to low prices and a recovering job market, the NAR said.

“Increases in all-cash transactions, the investor market share and distressed home sales all go hand-in-hand,” said Yun in a prepared statement. “With tight credit standards, it’s not surprising to see so much activity where cash is king and investors are taking advantage of conditions to purchase undervalued homes.”