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Cash Purchases Rise to 45 Percent of All Sales in August

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Other high-level findings from the report:

· All-cash purchases represented 45 percent of all residential sales in August, up from 39 percent in July and 30 percent in August 2012. Among metro areas with a population of 1 million or more, those with the highest percentage of all-cash sales were Miami (69 percent), Detroit (68 percent), Las Vegas (66 percent), Jacksonville, Fla., (65 percent), and Tampa, Fla., (64 percent).

· Institutional investors (purchasing 10 or more properties in the last 12 months) accounted for 10 percent of all sales in August, up from 9 percent in July and 9 percent in August 2012. Among metro areas with a population of 1 million or more, those with the highest percentage of institutional investor purchases were Memphis, Tenn. (31 percent), Jacksonville, Fla. (29 percent), Atlanta (22 percent), St. Louis (17 percent), and Detroit (17 percent).

· Short sales accounted for 15 percent of all U.S. residential sales in August, up from 14 percent in July and 8 percent in August 2012. States with the biggest percentage of short sales were Nevada (34 percent), Florida (29 percent), Ohio (23 percent), Maryland (21 percent), Tennessee (20 percent), and Michigan (20 percent).

· Sales of bank-owned homes accounted for 10 percent of all U.S. residential sales in August, up from 9 percent in July and 9 percent in August 2012. States with the biggest percentage of REO were Nevada (22 percent), Ohio (17 percent), Arizona (17 percent), Michigan (16 percent), Illinois (14 percent) and California (14 percent).

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