Posted To: MND NewsWire
Cash sales continued to account for a significant portion of all home sales in April. CoreLogic said on Wednesday that 31.6 percent of home sales that month were all cash , down 1.6 percentage points from March and 2.8 points from the previous April. For the first four months of this year cash sales made up fractionally more than a third of home sales, the lowest start for any year since 2008. Cash sales peaked in January 2011 when they accounted for 46.6 percent of all home sales . At that point, 24 percent of home sales were from lender-owned inventories (REO) and a majority of those sales were cash. Cash continues to dominate in the REO market, constituting 56.7 percent of those transactions in April 2016, but the REO share of sales has fallen to only 5.7 percent of the overall total. Resales…(read more )