Housing Slowly Heads Towards Normal: RealtyTrac's Blomquist
NEW YORK ( TheStreet) -- The share of cash sales and institutional investor purchases of residential homes declined slightly from a year ago in June, signaling an ever-so-tiny reversal in a trend that has dominated the real estate recovery.
According to the U.S. Residential Sales
Purchases by institutional investors -- non-lending entities that purchased at least 10 properties in the last 12 months -- accounted for 9% of all sales in June, up from 8% in May, but down from 10% a year earlier.
Cash sales have dominated home sales activity in recent years, amid heightened interest from real estate investors.Traditional first-time homebuyers and existing homebuyers have been largely absent.
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