Investors, Cash Sales Returning to More Normal Levels

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Posted To: MND NewsWire

The National Association of Realtors® reported last week that first time buyers had increased their share of existing home sales in May by two percentage points and in a market where sales were up 9.2 percent in a year had increase their share of those sales by 5 points. On Thursday we got, as a famous newscaster used to say, "The rest of the story." RealtyTrac reported, in its May 2015 U.S. Home & Foreclosure Sales Report that both cash sales and institutional sales have shrunk again during the month, and in the case of cash sales are nearly back to historical norms. These sales had been cited as providing competition to traditional buyers both because they could close a transaction quickly a nd often bought without mortgage and perhaps even inspection contingencies. Institutional...(read more)

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Source: http://www.mortgagenewsdaily.com/07022015_realtytrac_cash_sales.asp

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