Buyers are using cash for trophy apartments in Manhattan and to gain an advantage over borrowers who depend on loans to finance a purchase. Photo: Bloomberg

All-cash home purchases surge in US with rising interest rates

Smaller players keeping residential sales trudging along while mortgage lending plummets, hurt by higher borrowing costs and stiff credit rules

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Buyers are using cash for trophy apartments in Manhattan and to gain an advantage over borrowers who depend on loans to finance a purchase. Photo: Bloomberg
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