Cash home sales in Maine lag national average
Cash sales made up 22% of total home sales in Maine in December 2014, according to a report released Monday by CoreLogic (NYSE: CLGX), a global property information, analytics and data-enabled services provider.
Nationwide, cash sales made up 35.5% of total home sales for the same period, down from 38.5% in December 2013. The year-over-year share has fallen nationwide each month since January 2013, making December the 24th consecutive month of declines. The peak occurred in January 2011 when cash transactions made up 46.5% of total home sales, CoreLogic reported.
Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25% nationwide. Should the cash sales share continue to fall at the same rate that it did in December 2014, the share should reach 25% in mid-2017, CoreLogic reported.
In December, Alabama had the largest share of cash sales of any state at 52.2%, followed by Florida (50.3%), New York (45.9%), Michigan (44.6%) and Idaho (42.9%).
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