Homebuyers Are Backing Out of More Deals as High Mortgage Rates Persist and Recession Fears Linger

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Homebuilder cancellation rates have more than doubled since April, according to surveys by John Burns Real Estate Consulting.

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The story is much the same with contracts on existing homes. Nationwide, about 63,000 of those agreements fell through in July, or about 16% of homes that went under contract that month, according to Redfin. Cancellations were 12.5% in July 2021.

 

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