Cash Sales Lowest Since 2007

Posted To: MND NewsWire

The all-cash share of residential sales dipped below 30 percent in June, the first time this has happened since 2007. CoreLogic said on Tuesday that cash accounted for 29.3 percent of home sales during the month, a decrease of 2.5 percentage points since June of last year. On a monthly basis those sales were 0.9 percentage points lower than in June. Cash sales, which prior to the housing crisis averaged about 25 percent per month, peaked in January 2011 at 46.6 percent. At the current rate of decline CoreLogic estimates cash sales should return to "normal" levels by mid-2018. Sales of lender-owned real estate (REO) had the largest all-cash share at 56.2 percent however, as those sales now represent only 4.9 percent of all transactions, their all-cash transactions have little impact on the overall...(read more)

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