ARAMCO Report - The Mother of ALL Mortgage Blogs!

One in four home purchases made with cash

Posted by Mehran Aram on Wed, Feb 6, 2019 @ 05:02 AM

Purchasing a home with cash is on the slide nationally compared to the peak years of 2011 and 2012 but there are still pockets around the country where all-cash transactions are growing at a rapid pace. According to ATTOM Data Solutions’ Year-End 2018 Home Sales Report, released last week, over a quarter of home sales last year were completed without a mortgage.

Nationwide, cash sales for 2018 accounted for 27.8 percent of single-family home and condo purchases, unchanged from 2017 but still well above the pre-recession average of 18.7 percent.

San Diego is one of just 20 metropolitan areas where cash sales rose by double digits over the past year with a 10 percent gain.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.375 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.

Topics: San Diego, cash purchase, Single Family Home, Mortgage rates, condo, condominium

ARAMCO Report - Thursday August 14, 2014

Posted by Mehran Aram on Thu, Aug 14, 2014 @ 17:08 PM

According to RealtyTrac, foreclosures in July rose by 2% but they were still down 16% from a year ago. Meanwhile CoreLogic reported that the share of homes purchased in cash continued its decline in May and fell to the lowest level since May of 2010, reflecting in part less interest from investors. Mortgage rates remain at their lowest level of the year with conforming no point 30 year fixed rates averaging 4 1/8th and 15 year rates closer to 3 1/4%.

And now for something, completely different: Did you know that President James Garfield could write Latin with one hand, and Greek with the other, at the same time?

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: Aramco Financial, Aramco Report, and now for something completely different, home purchase, RealtyTrac, President James Garfield, CoreLogic, 30 year fixed rates, Latin, foreclosures, Greek, cash purchase, ARAMCO

ARAMCO Report - Friday May 9, 2014

Posted by Mehran Aram on Fri, May 9, 2014 @ 16:05 PM

In the absence of any major market moving economic reports, mortgage rates were unchanged with conforming no point 30 year fixed rates averaging 4 1/4 percent and 15 year rates closer to 3 1/4. According to Realty Trac during the first quarter of 2014, roughly 43 percent of all residential property sales were all cash purchases. The top 5 markets for cash sales were in Florida. Meanwhile in San Diego detached single family home sales rose by 12 percent in April.

And now for something, completely different: Did you know that during a typical Major League Baseball season, approximately 160,000 baseballs are used? Great news for baseball manufacturers.

For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942.

This is Mehran Aram with today's ARAMCO Report.

Ask Mehran Aram

Topics: Reverse Mortgage, Aramco Report, and now for something completely different, San Diego, Mehran Aram, Realty Trac, Florida, California, 30 year fixed rates, cash purchase, Baseball, Single Family Home, First Quarter, Mortgage rates