More Cash Sales in July as a Percent of Sales

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Rates have moved up one percent, but if you compare today’s rates to historical averages, we’re still way under what they traditional have been at. I expect them to go higher as the economy gains steam.

-sunil

 

From DS News

Rising Rates Prompt Cash Buyers to Act

While higher mortgage rates have been blamed for the slowdown in pending home sales, they may be contributing to an increase in cash purchases, RealtyTrac suggested in a recent report. In July, about 40 percent of residential property sales were all-cash transactions. The share presents an increase from 35 percent in June and 31 percent compared to July 2012. Short sales also accounted for a bigger share of sales in July, increasing to 14 percent, up from 13 percent in the prior month and 9 percent from a year ago. » Read More

 

- Sunil Sethi

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