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State o' the Market

Eight out of every 10 home sales in Manhattan are paid for in cash, thanks largely to fat cats scooping up trophy properties. Perhaps it's not a shocking discovery, considering how oligarchs are buying $88M penthouses for their 22-year-old daughters and execs are snatching up $6.5M apartments in the name of their two-year-olds, but, still, considering the sheer volume of house sales in Manhattan—that's a ridiculous amount of money circulating. The Washington Post has the full report. [Washington Post]