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Posts Tagged ‘cash home sales’

Cash Home Sales Fall to Lowest Level in Nearly Six Years

September 10th, 2014 Comments off

foreclosure sign jillian berman  gettyCash sales comprised only 33 percent of total home sales in June, 2014, the lowest level since Sept. 2008, and a drop of 36.3 percent from June 2013, with the share falling year over year each month since Jan 2013. Before the housing crisis began, according to worldpropertychannel.com, cash home sales averaged 25 percent, peaking at 46.2 percent in Jan. 2011. In June, REO (real estate owned) sales comprised the largest cash sales portion at 55.3 percent, followed by re-sales at 32.5 percent, short sales at 31.8 percent and newly-built homes at 16.2 percent. REO sales comprised 7.2 percent of total June sales, a significant drop from the Jan. 2011 total of 24 percent. MHProNews understands cash sales often reflect investors buying inexpensive properties for resale or as rentals. ##

(Photo credit: Jillian Berman/Getty Images)

All-cash Home Sales Fall Nationally, Save Several Metros

August 19th, 2014 Comments off

pending sale  paul sakuma  AP Photo creditAccording to RealtyTrac, all-cash deals comprised 38 percent of all home sales in the second quarter of 2014, a drop from 42 percent in Q1 2014, as institutional buyers—those buying at least ten homes annually—are finding good deals drying up. They accounted for 4.7 percent of all home sales, a drop from six percent in 2013, as CNNMoney reports. The good news is that as institutional buyers leave the market, there is more room for first-time homebuyers. But with home prices up over 20 percent from 2012 historic lows, the bad news is first-timers may already be priced out of the market. MHProNews has learned over 50 percent of all home sales in Las Vegas are for cash, and the percentage is only slightly lower in Detroit, Kansas City, Philadelphia, Cleveland and New York. In the Miami metro area cash sales comprised 64 percent of all home sales. ##

(Photo credit: Paul Sakuma/Associated Press)

Cash Home Sales continue to Decline

August 15th, 2014 Comments off

housingwire creditRepresenting the lowest share of cash home sales since May 2010, 34.4 percent of total home sales in May 2014 were with cash, a drop from April’s 36.9 percent of all cash, according to housingwire.com. CoreLogic’s report says, “The share has fallen on a year-over-year basis each month since January 2013. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25%. The peak occurred in January 2011, when cash transactions made up 46.2% of total home sales.” MHProNews has learned real estate-owned (REO) transactions comprised 8.2 percent of sales in May, compared to Jan. 2011 when REO sales made up 24 percent of total sales. ##

(Image credit: housingwire.com–cash home sales fall)