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Cash sales for homes fall to 9-year low

Cash sales for homes fall to 9-year low

Cash sales made up 30.8 percent of total home sales in July 2015, down from 34.2 percent in July 2014, CoreLogic reported Friday.

The year-over-year share has fallen each month since January 2013, and is at its lowest level in nine years.

The cash-sales share peaked in January 2011 when cash transactions made up 46.5 percent of total home sales nationally. Prior to the housing crisis, the cash-sales share of total home sales averaged about 25 percent.

Alabama had the largest share of any state at 47.4 percent, followed by Florida (44.7 percent), New York (42.8 percent), West Virginia (41.1 percent) and New Jersey (39.5 percent).

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