Home sales involving distressed properties and cash sales both declined in June compared to a year ago, according to RealtyTrac.
Distressed sales accounted for 8% of all single-family home and condo sales in June, down from 10.6% in May and down 19% from a year ago, RealtyTrac said in its
Transactions involving buyers who used all cash comprised 22.9% of all sales, down from 24.7% in May and down from 29.1% compared to a year earlier.
The downward movement of these types of sales came even as the number of buyers using Federal Housing Administration-backed mortgages increased in the second quarter, accounting for 23% of all single-family home sales that involved financing. That was up from 20% in the first quarter.
“As the investor-driven housing recovery faded in the first half of 2015, first-time homebuyers, boomerang buyers and other traditional owner-occupant buyers started to step into the gap and pick up the slack,” Daren Blomquist, a RealtyTrac vice president, said in a news release.
