The Smart Team of NOVA® Home Loans

Cash Sales Share Remains Stubbornly High

Posted To: MND NewsWire

The share of sales that are all-cash continues at an elevated level. CoreLogic reports cash transactions accounted for 36.5 percent of all home sales in January, unchanged from a year earlier. While the percentage of sales that close without third-party financing has declined from the January 2011 high of 46.6 percent, it remains well above the pre-crisis average of around one-quarter of sales. Sales of bank-owned property (REO) had, as they always do, the largest share of cash transactions, 61.2 percent. Resales had a cash share of 36.5 percent and new homes a 17.7 percent share. Alabama had the largest cash sales share of any state at 52 percent, followed by New York (49.7 percent), Florida (48.3 percent), Indiana (46 percent) and Missouri (45.4 percent). Sales of distressed properties made…(read more)

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Source: Mortgage News Daily

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