sales continued to decline in importance in September. These sales, which represented close to half
of all home sales when foreclosures and lender owned real estate (REO) were at
their peak, have now fallen to just over a one -third share.
said on Tuesday that 34.8 percent of home sales were all cash in
September. While this was up one
percentage point from August, on a year-over-year basis these sales have
declined for 21 consecutive months. In
September 2013 cash sales had a 37.2 percent share. CoreLogic said that comparisons of these sales
should be made on an annual basis because of the seasonal nature of the housing
their peak in January 2011 cash sales made up 46.4 percent of all home
sales. In the years prior to the housing
crisis the portion of these sales averaged about 25 percent.
continues with the largest share of cash sales, 58.1 percent in September. The percentage of cash sales among REO
transactions remains high but as the volume of those sales has retreated they
have had less and less impact on overall statistics. In September 2014 only 7.8
percent of sales were of previously foreclosed property whereas in January 2011
those sales made up nearly a quarter of all closed transactions.
had the second highest percentage of cash transactions (34.4 percent) with
short sales next at 32.4 percent. Sales
of new homes trailed at 16.8 percent.
the states Delaware led with a cash share of 57.4 percent, followed by Florida
(50.8 percent), Alabama (49.6 percent), New York (44.4 percent) and Idaho (43.3
percent). Of the nation’s largest 100 Core Based Statistical Areas (CBSAs)
measured by population four of the top five were in Florida led by Miami-Miami
Beach-Kendall (56.2 percent), followed
closely by West Palm Beach-Boca Raton-Delray Beach (55.9 percent), Fort
Lauderdale-Pompano Beach-Deerfield Beach (54.8 percent), Cape Coral-Fort Myers,
Fla. (54.7 percent) and Detroit-Dearborn-Livonia (53.1 percent). At the bottom,
the Washington, DC area had a cash sales share of 16.2 percent.