The Smart Team of NOVA® Home Loans

2016 Cash and Distressed Sales Totals Hit Nine-Year Lows

Posted To: MND NewsWire

The share of homes sold for cash fell to the lowest level in nearly a decade in full-year 2016. CoreLogic said that 32.1 percent of all home sales in the 12-month period ending in December closed without benefit of a mortgage. This was a decrease of 2.2 percentage points from the 2015 share. The previous low point for such sales was in 2007 when cash sales accounted for a 27 percent of sales. CoreLogic also noted that distressed home sale s, a total of both short sales and sales of lender-owned real estate (REO) accounted for 8.9 percent of all sales for the year, also the lowest share since 2007. For the month of December, the all-cash share of sales was 33.1 percent, down 1.3 percent from that month in 2015. Cash sales peaked in January 2011 when they accounted for 46.6 percent of the national…(read more)

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Source: Mortgage News Daily

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