The percentage of residential real estate homes sold in March 2016 that were all-cash transactions was down to about 33 percent, which is a year-over-year decline of 2 point 4 percentage points, according to data released by CoreLogic on Thursday. The ongoing steady decline in foreclosures since reaching their peak in 2010 has resulted in a corresponding decline in the nationwide cash sales share.
The cash sales share peaked in January 2011, when nearly half, about 46 point 6 percent, of all residential home sales were all cash. REO sales had the largest share of cash sales for March with about 57 point 2 percent. Resales accounted for about 32 point 9 percent of sales, short sales made up about 30 point 6 percent of cash sales, and new home sales made up about 14 point 4 percent.
The results of the Dodd-Frank Act Stress Tests conducted by the Federal Reserve on the nation’s 33 largest bank holding companies showed improved capital levels and credit quality, which strengthened their ability to lend during times of severe economic stress, according to the Fed on Thursday afternoon. The hypothetical severe economic scenario for which the banks were tested would result in about 385 billion dollars in losses for the 33 firms tested.