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Posted AT 12:23 AM EST on 08/08/08

Bargain hunting in the U.S.? Better bring cash

LORI MCLEOD

From Friday's Globe and Mail

When Canadian accountant Kenneth Lee toured Florida looking for real estate deals in May, it seemed everyone in the state's ravaged housing sector bent over backwards to welcome him – with the exception of mortgage lenders. A successful business owner, Mr. Lee, 37, faced a swath of red tape and a 45-per-cent down payment when he took the plunge last month and bought a new condo in Naples, Fla., for approximately $700,000 (U.S.).

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