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All-Cash Sales Should Normalize by 2017

All-Cash Sales Should Normalize by 2017

by: Jann Swanson

All-Cash Sales Should Normalize by 2017

Jan 15 2015, 9:47AM

Cash sales dropped on a year-over-year basis for the 22nd consecutive month in October and CoreLogic is projecting they will return to their pre-crisis levels by 2017.  All-cash transactions represented a slightly higher share of transactions in October than in September, 35.5 percent versus 35.0 percent, but the company said the relative share of those sales typically rises during the fall and winter months.  They suggest that year-over-year comparisons are more indicative of trends.

And that trend is undeniably down.  Compared to October 2013 cash sales have retreated by over 3 percentage points.  In October 2013 they made up 38.7 percent of home sales. The peak for cash sales came in January 2011 at 46.4 percent.  After beginning a steady decline in January 2013 cash sales are on track to return to their pre-crisis level of around 25 percent by 2017.

The share of all cash sales was by far the highest for lender owned (REO) property at 58.7 percent.  REO however now accounts for such a minimal percentage of home sales (7.8 percent in October) it has little impact on overall cash sales figures.  In January 2011, when the cash sales share was at its peak, REO sales made up 23.9 percent of total sales. Thirty-five percent of re-sales (existing homes) were cash transactions, 33 percent of short sales, and 16.8 percent of newly constructed homes.

January 16th, 2015|Mortgage News|0 Comments

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