Dwindling REO Sales Blunt Importance of All-Cash Transactions

By Jann Swanson

Posted To: MND NewsWire

Cash sales continued to decline in importance in September. These sales, which represented close to half of all home sales when foreclosures and lender owned real estate (REO) were at their peak, have now fallen to just over a one -third share. CoreLogic said on Tuesday that 34.8 percent of home sales were all cash in September. While this was up one percentage point from August, on a year-over-year basis these sales have declined for 21 consecutive months. In September 2013 cash sales had a 37.2 percent share. CoreLogic said that comparisons of these sales should be made on an annual basis because of the seasonal nature of the housing market. At their peak in January 2011 cash sales made up 46.4 percent of all home sales. In the years prior to the housing crisis the portion of these sales…(read more)

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