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Dwindling REO Sales Blunt Importance of All-Cash Transactions

Cash
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.

CoreLogic
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
market.

 

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