Cash Sales Continue Retreat; Housing Starts at 8 Year High; Rates Rise Ahead of Fed
The level of cash sales remains high in several states, mostly those also still experiencing a high level of foreclosures . CoreLogic said on Tuesday however that on a national basis the level of those sales has now fallen to the lowest percentage since July 2008. Cash sales made up 31.9 percent of total home sales in May 2015, down from 35.1 percent in May 2014 and continuing a 29 month streak of year-over-year decreases dating back to January 2013. Month over month, the cash sales share fell by 1.7 percentage points. According to CoreLogic seasonality in the housing market means that comparisons should be made on a year-over-year basis. The national share of cash sales is highest for sales of lender-owned real estate (REO), accounting for 56.1 percent of those sales and reflecting the high
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