Distressed Sales at Nine-Year Low

Posted To: MND NewsWire

All-cash sales represented 31.1 of the total home sales recorded in August, according to a CoreLogic report on cash and distressed home sales. This was a decline of 1.5 percentage points from cash sales in August 2015. The company said that, if cash sales continue to decrease at the August rate, they should hit the pre-crisis rate of 25 percent by mid-2019. Cash sales were highest in Alabama with a 44.9 percent share. Other states with elevated cash sales include New York (42 percent), Florida (40.9 percent), Indiana (38.6 percent) and Kansas (38 percent). Cash transactions peaked in January 2011 at 46.6 percent of all home sales, and at approximately the same time sales of lender-owned real estate typically made up around 27 percent of the home sales market. While cash still accounts for a...(read more)

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