Cash Sales at Nine-Year Low

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Posted To: MND NewsWire

Despite a steadily decreasing share of distressed sales and fewer investors in the market all-cash sales have not yet returned to normal levels nor, according to CoreLogic's new report, will they for nearly two more years. Those sales made up 30.8 percent of all home sales in July, down from 34.2 percent in July 2014. The year-over-year share of all-cash sales has fallen each month since January 2013 and July's were at the lowest level in nine years. Such sales peaked in January 2011 when they comprised 46.5 percent of the national market. Month-over-month the share was down 0.5 percentage points. CoreLogic says the seasonality of the market makes year-over-year comparisons most meaningful. The decline in cash sales has paralleled the drop in sales of lender owned properties (REO) which now...(read more)

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Source: http://www.mortgagenewsdaily.com/10232015_corelogic_cash_sales.asp

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