Posted To: MND NewsWire
A third of home sales in March were all-cash transactions according to CoreLogic. This was a decrease of 2.8 percentages points, the company termed it a sharp drop , from February. CoreLogic also said that the average cash share of sales over the first three months of 2016 was 34.7 percent, the lowest for a first quarter since 2008 . Cash sales peaked in January 2011 at 46.6 percent of total home sales nationally, close to double the average share prior to the housing crash. If those sales continue to decline at the same rate as the February-March pace, CoreLogic estimates they will return to the “normal” 25 percent level by mid-2018 . As usual, sales of lender owned property (REO) had the highest share of cash sales, 57.2 percent. However, REO transactions accounted for only 6.8 percent of…(read more )