IE Business Daily Business news for the Inland Empire.
Cash sales of single-family homes in the Inland Empire were down slightly in October year-over-year, according to data released Friday.
Overall, cash sales accounted for 24 percent of all sales in Riverside and San Bernardino counties during October, a 1.6 percent drop from October 2014, Irvine-based CoreLogic reported.
Nationwide, cash sales made up 33.9 percent of all home sales in October, a drop of 2.6 percent from exactly one year earlier, according to CoreLogic.
Cash sales are watched carefully because they’re considered an indication of how many speculative buyers – the practice of buying a house to sell it for a profit rather than live in it – are present in the market.
