US: Cash Home Sales Hit Record Low in U.S.

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Cash Sales Share Below 30 Percent is a First Since 2007

According to Irvine, Ca-based CoreLogic, cash home sales accounted for 29.3 percent of total home sales in June 2016, down 2.5 percentage points year over year from June 2015. On a month-over-month basis, the cash sales share fell by 0.9 percentage points in June 2016 compared with May 2016. The cash sales share peaked in January 2011 when cash transactions accounted for 46.6 percent of total home sales nationally. June 2016 marks the first time the cash sales share has been below 30 percent since late 2007.

Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent. If the cash sales share continues to fall at the same rate it did in June 2016, the share should hit 25 percent by mid-2018.

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