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Home | News | REO (page 5)

Cash Sales Share Drops to Nine-Year Low

jar-of-cash

With July’s decline, the cash sales share has fallen year-over-year every month since January 2013, a total of 31 consecutive months, according to CoreLogic. July 2015’s reported share of 30.8 percent was a dropoff from the share of 34.2 percent reported in July 2014. As has historically been the case, REO sales made up 56 percent of cash sales in July 2015, and resales had the second highest share at 30.2 percent.

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What to Remember When Buying an REO Property

bank-owned-price-reduced

REO sales are down by 80 percent from their peak six years ago, but there are still plenty of affordable buying opportunities for homebuyers, according to a commentary by Chris Bowden, Freddie Mac's SVP of HomeSteps, the GSE's real estate sales unit.

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Distressed Sales Share Continues Steady Decline, Falls to 9.4 Percent

short-sale-three

REO sales accounted for 6 percent of total home sales in June, which was the lowest level since September 2007 when they made up 5.2 percent of all home sales in the country. REO sales hit their peak in January 2009, when they accounted for 27.9 percent of all home sales. According to CoreLogic, the continued shift away from REO sales is driving home price appreciation, since REO properties typically sell at a larger discount than short sales do.

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Drop in REO Sales is Driving Continued Decline in Cash Sales Share

cash

May 2015's cash sales share of nearly 32 percent was down by 31 percent from the peak of 46.5 percent recorded in January 2011. CoreLogic estimates that if the cash sales share continues to decline at the same rate as it did in May 2015, the cash sales share should fall back down to its pre-crisis level of 25 percent by the middle of 2017.

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