Cash sales fell 2.8 percentage points in April 2016 from the previous year and accounted for 31.6 percent of total home sales, according to a recent data release from CoreLogic. The data brief showed that on a month-over-month basis, the cash sales share fell by 1.6 percentage points in April 2016 from where it stood in March 2016
During the first four months of 2016, the cash sales share sat at a 33.9 percent average making it the lowest start to any year since 2008. The report states that if the cash sales share continues to fall at the same rate it fell for April 2016, it can be expected that the share will hit 25 percent by mid-2018. The cash sales share peaked in January 2011 with cash transactions accounting for 46.6 percent of total home sales nationally. This is compared to the cash sales share percentage of total home sales before the housing crisis which averaged approximately 25 percent.
President Obama signed the quote Wall Street Reform into law in 2010, the United States Department of the Treasury reports that it was “the most comprehensive, far-reaching set of reforms to our financial system since the Great Depression”. Today, they share that they economy is back on track, growth has returned, and the financial system is safer because of these historic reforms. Treasury reports the unemployment rate has been cut by half and jobs continue to grow with an average of more than 150,000 new private sector jobs per month in 2016 so far. Likewise, household net worth has grown by about $30 trillion to levels well above those from pre-crisis, and business lending has increased by over 60 percent.