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According to CoreLogic, all-cash sales made up 36.1 percent of total home sales in November, down from 38.08 percent a year prior. The drop marks the 23rd straight month of year-over-year declines, CoreLogic said. Compared to October, the cash sales share was up about half a percentage point, as is typical for the fall and winter months.
Michigan had the largest cash sales share of any state at 54.4 percent, displacing Delaware, which didn't even show up in the top five in November after topping the list in October. West Virginia came in second at 53.3 percent, followed by the investor-friendly Florida, Alabama, and South Dakota.
Mortgage applications, including both purchase and refinance volumes, fell a seasonally adjusted 9 percent week-over-week for the week ending February 6th, according to the Mortgage Bankers Association. The MBA's refinance application index dropped 10 percent week-on-week, accompanying a small increase in the average 30-year fixed rate to 3.84 percent. Meanwhile, MBA's seasonally adjusted measure of purchase loan applications fell 7 percent week-over-week.
