Cash home sales have fallen to lows not seen since 2007, CoreLogic says.

The cash sale share of total home sales fell to 29.3% in June 2016, a 2.5% decrease year-over-year from June 2015 and a 0.9% decrease month-over-month from May 2016.

These drops bring the cash sale share of total home sales below 30% for the first time since late 2007. Before the recession, the cash sale share averaged about 25% of total home sales, and at its January 2011 peak 46.6% of all homes nationwide were bought with cash.

Real estate-owned sales had the largest cash sales share in June at 56.2%, followed by resales at 28.9%, short sales at 27.7%, and new construction at 15.2%. CoreLogic’s Molly Boesel notes that REO sales only made up 4.9% of all June home sales, and resales made up 84%.)

Cash sales could reach pre-2007 levels by mid-2018 if they continue to fall at the same rate as they did in June 2016.

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