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All-cash sales represented 31.1 of the total home sales recorded in August, according to a CoreLogic report on cash and distressed home sales. This was a decline of 1.5 percentage points from cash sales in August 2015. The company said that, if cash sales continue to decrease at the August rate, they should hit the pre-crisis rate of 25 percent by mid-2019. Cash sales were highest in Alabama with a 44.9 percent share. Other states with elevated cash sales include New York (42 percent), Florida (40.9 percent), Indiana (38.6 percent) and Kansas (38 percent). Cash transactions peaked in January 2011 at 46.6 percent of all home sales, and at approximately the same time sales of lender-owned real estate typically made up around 27 percent of the home sales market. While cash still accounts for a
Housing News
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All-cash sales represented 31.1 of the total home sales recorded in August, according to a CoreLogic report on cash and distressed home sales. This was a decline of 1.5 percentage points from cash sales in August 2015. The company said that, if cash ... (read more)
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Housing News
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October existing home sales added to September's rebound, rising to the highest annualized pace in nearly a decade . The National Association of Realtors® (NAR) said sales transactions that include single-family, condo, townhouse, and coop apartm... (read more)
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MBS Commentary
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Bond markets have quickly "repriced" their expectations for future inflation and growth based on the potential policy path of the Trump administration. Past examples of similar "reprices" offer a few clues as to how bad things currently are and... (read more)
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Mortgage Rate Watch
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Mortgage rates called in sick today, effectively doing nothing to move higher or lower from last Friday, on average. For the record, that means some lenders will have improved just slightly while others are in slightly worse shape. In all cases, the ... (read more)
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Rob Chrisman
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Another day, another settlement. Ally Financial Inc said it agreed to pay $52 million to settle claims made by the U.S. Department of Justice against its former mortgage unit related to alleged misstatements about its residential mortgage-backed secu... (read more)
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MBS Commentary
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For the third time in the post-election sell-off, bond markets managed modest gains day-over-day. Much like the last 2 times (last Tue and Wed), closing levels kept us in significantly weaker territory relative to a few weeks ago. Rather,... (read more)
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