Home sales are down 9.6% from last month and 3% from last year, according to the National Association of Realtors. The national median home sale price is down 5% from last year, and a record 33% of all home sales were cash sales, ie homes purchased in foreclosure sales.
The general consensus is that these numbers are due to less credit being generally available to consumer for mortgages, allowing investors who have cash to come in and snap up homes at very low prices. As interest rates climb, and the government continues to be reticent to subsidize home mortgages, this trend will likely continue in the near future.
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