Cash Remains King of Housing Market Awash in Distressed Properties, Latest HousingPulse Finds
June 30, 2011
The home purchase mortgage market remained anemic in May as many would-be homebuyers remained on the sidelines for the start of the historically stronger summer home purchase season. And to make matters worse, a combination of tough mortgage underwriting and a high level of distressed properties continued to push up cash sales. According to new numbers released by the Campbell/Inside Mortgage Finance HousingPulse Tracking Survey, cash sales accounted for 31.3 percent of the home purchase transactions in May. That was up from 30.1 percent in April and represented the ... [includes one graph]