REO High Percentage of Cash Sales

Cash SalesAccording to a recent post by CoreLogic, REO sales accounted for over half of cash property sales in the United States in July 2014. Among cash sales, REO far outstrips resales, new construction, and short sales by a wide margin. Furthermore, Florida shows the largest share of these cash sales of any state, at 49.7%. Measuring by statistical areas by population, REO sales were highest in several Florida areas including West Palm Beach (highest at 57.9%), Cape Coral/Fort Myers, Miami, and Sarasota/Bradenton.

Still, REO sales in general remain on a downslope according to recent data. They made up only 7.1% of total sales in July, compared to three years ago when REO sales were at 23.9%. Month-by-month, cash sales remained mostly flat from June to July of this year.

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