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Florida Home Buyers Paid Cash in 64% of Sales, Highest in U.S.

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May 8 (Bloomberg) -- Buyers paid cash for about 64 percent of homes purchased in Florida between January and March, the highest rate in the U.S., according to a report released today.

Florida was home to the top five metropolitan areas with the highest percentage of all-cash home sales, according to the report by RealtyTrac, a property-data firm in Irvine, California. In Miami, for example, 67 percent were purchased using cash. Nationwide, 43 percent were, RealtyTrac said.

Cash buyers are driving a rebound in the Florida housing market, where the value of taxable property is forecast to rise more than 0.8 percent this year, according to a state forecast.

Bonds from Florida issuers gained 4.9 percent this year through May 6, trailing the 5.1 percent gain in the broader $3.7 trillion municipal market, according to Standard & Poor’s Dow Jones Indices.

To contact the reporter on this story: Toluse Olorunnipa in Tallahassee, Florida at tolorunnipa@bloomberg.net

To contact the editors responsible for this story: Stephen Merelman at smerelman@bloomberg.net Justin Blum

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