Cash Sales Make Up 28 Percent of Residential Sales

(NAR) -- The May Realtors® Confidence Index reports that the percentage of cash sales declined to 28 percent in May, from 29 percent in April for residential properties.  The high preponderance of all-cash sales appears to be due to a number of factors:  unrealistically high loan underwriting standards, a significant level of investor participation in the market, and sales of properties as second homes.