In Las Vegas, a recent spike in defaults has sparked an increase in cash sales to more than 50% of all home sales. Detroit, Kansas City, Cleveland and Philadelphia all had at least 45% of sales in cash.
Cities attractive to foreign investors are also seeing a lot of cash exchange hands. In the Miami metro area, with its huge demand from Latin Americans, a whopping 64% of sales were all cash. Other Florida cities like Orlando, Cape Coral, Sarasota and Tampa scored nearly as high. In New York, 48% of sales were cash.