Fewer people paying cash for their homes

Cash sales accounted for 20 percent in Milwaukee area

Last updated on July 2nd, 2019 at 09:11 am

The number of people who purchased their homes in the Milwaukee- area with cash has continued to decrease since reaching its peak in 2011.

a home for sale in whitefish bay.
A home for sale in whitefish bay.

Cash sales accounted for 20.5 percent of total home sales in August 2016, down 1.3 percent from August 2015, according to the most recent data from CoreLogic, an Irvine, Calif.-based data analytics firm.

The cash sales share in Milwaukee-Waukesha-West Allis was lower than the 31.1 percent national rate in August, which was down 1.5 percent from the national average in August 2015.

Cash sales peaked in January 2011 when cash transactions accounted for 46.6 percent of total home sales nationally. Prior to the housing crisis, the cash sales of total home sales averaged approximately 25 percent.

Homes purchased out of foreclosure had the largest cash sales in August at 58.6 percent. Resale sales had the next highest cash sales at 31 percent, followed by short sales at 29.1 percent and newly constructed homes at 15.6 percent.

All but eight states recorded lower distressed sales shares in August 2016 compared with a year earlier. Maryland had the largest share of distressed sales of any state at 19.1 percent in August 2016, followed by Connecticut, Michigan, New Jersey, and Illinois. North Dakota had the smallest distressed sales at 2.6 percent.

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