IE Business Daily Business news for the Inland Empire.
Cash sales made up 35.5 percent of all home sales in December, down three percentage points compared with the previous year.
That marked 24 consecutive months of year-over-year declines in cash sales, according CoreLogic, which issued its monthly report on cash transactions in the U.S. housing market Monday.
Cash purchases peaked in January 2011, when they made up 46.5 percent of total home sales. Before the housing slowdown, cash sales typically made up 25 percent of the market.
At the current trend, cash sales will return to 25 percent by the middle of 2017, CoreLogic stated.
Cash purchases made up 29.1 percent of all home sale in the Inland Empire last December, down from 33 percent in December 2013, a decline of 11.75 percent.
Alabama had the largest share of cash purchases of houses of any state – 52.2 percent – while Detroit-Dearborn-Livonia Mich. had the highest share of any major metropolitan area, at 65.9 percent, according to CoreLogic.
Based in Irvine, CoreLogic is global company that provides financial and other consumer-related information to clients in the public and private sector.
