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Cash Sales Report Shows More Investors Leaving

by James F. McClister

Cash sales are down, which means good things for hopeful buyers needing mortgage financing.

Earlier this week, CoreLogic released its July cash sales report, finding that investors are continuing to flee the market, paving the way for buyers more dependent on financing.

In July, cash sales edged closer to pre-crisis levels, making up 32.9 percent of total sales, which is the lowest share since August 2008.

Year-over-year, cash sales were down 3 percent. While month-over-month, cash sales remained flat, falling a negligible 0.1 percent. Real estate owned sales were largely driven by cash purchases (56.3 percent). However, REO transactions represented only 7.1 percent of total sales in July, so their impact to the overall share of cash sales was limited.

In Illinois, cash sales continued dwindling, falling month-over-month 2 percent to 29 percent.

Check out our graph below to see how we compare:

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