Cash sales down in Houston housing market amid oil slump

As Houston continues to experience problems when it comes to the oil slump, it is noted in a recent report that only a few people are now buying homes using cold hard cash. CoreLogic Inc. reported that cash home sales have only gotten 27.5 percent of the entire home sales recorded in the region in May. This number has declined up to 5% year after year. Detroit currently has the largest percentage of cash sales for homes with 53% with New York’s Syracuse recording the lowest percentage of 13.7%. The decline of Houston’s cash sales can be attributed to the oil slump which affects the Houston market.

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