Cash Sales’ Return to Normalcy Remains Elusive

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Posted To: MND NewsWire

Sales of distressed properties continue to represent a diminishing share of the housing market as does the use of all-cash for housing purchase. Still CoreLogic, in its dual reports for October, estimates it will take more than another year before either type of sale regains its pre-crash balance. Distressed sales accounted for 7.7 percent of all home sales in October with sales of bank-owned real estate (REO) accounting for 5 percent of the total and short-sales the remainder. This is down 2.9 percent from the October 2015 share and was the lowest share for any month since October 2007. Distressed home sales hit a peak of 32.4 percent of all sales in January 2009. At that point sales of REO had a 27.9 percent share. CoreLogic puts the pre-crisis share of distressed sales at about 2 percent…(read more)

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