Home Sales Are Being Canceled at the Highest Rate Since the Start of the Pandemic: Redfin

Contact Your Elected Officials
The Epoch Times Header

Prospective homebuyers are canceling sales and backing out of deals at the highest rate since the start of the pandemic, Redfin announced on July 11.

About 60,000 home-purchase agreements throughout the country fell through in June 2022, roughly equivalent to 14.9 percent of the homes that were under contract that month, compared with 12.7 percent in April and 11.2 percent in June 2021.

Based on Redfin’s analysis of metro-level summary data going back through 2017, this is the highest number of sale cancellations on record since March and April 2020, when the housing market was virtually suspended due to the Chinese Community Party (CCP) virus pandemic.

The housing market has taken a hit in recent weeks as the Federal Reserve continues to raise interest rates in an effort to control high inflation.

The slowdown in the housing market is giving buyers more room to negotiate and seek concessions from sellers, while others are pulling out of their contracts, since the higher mortgage rates have made certain homes unaffordable.

Housing Bubble Could Burst

Some analysts are expecting a collapse in the real estate market in 2022, as the economy begins to slow and mortgage rates rise rapidly due to interest rate hikes.

“June home builder sentiment and survey results are in. Top themes: 1) A lot more new home buyers cancelling. 2) Price cuts becoming fairly common. 3) Drop in demand finally cooling construction cost pressures (builder layoffs also happening). Market commentary to follow…,” Rick Palacios Jr., director of research at John Burns Real Estate Consulting, wrote in a July 11 tweet.

“The slowdown in housing-market competition is giving homebuyers room to negotiate, which is one reason more of them are backing out of deals,” said Redfin Deputy Chief Economist Taylor Marr in the company’s report.

“Buyers are increasingly keeping rather than waiving inspection and appraisal contingencies,” Marr said. “That gives them the flexibility to call the deal off if issues arise during the homebuying process.”

By Bryan Jun

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

The Kirk Assassination Narrative is Falling Apart

New footage challenges the FBI’s claim that Tyler Robinson shot Charlie Kirk from a UVU rooftop with a .30-06 rifle, casting doubt on the official narrative.

A self-inflicted wound

Leftist propaganda from media, unions, bureaucrats, and schools has indoctrinated the marginalized with an idealized view of socialism and communism.

Katie Porter Syndrome: Toxic Feminism 101

“Katie Porter Syndrome” is a pathology inflicted upon Congressional staffers, the media, and, if the patient gets herself elected governor, all of CA.

The Unique European Social Contract: Effectiveness Over Values

American conservatives often ground their political stances on social issues. The European conversation centers on an effectiveness assessment.

Trump’s Middle East Triumph is Worth Celebrating Even As Peace Remains Elusive 

President Trump’s bold foreign policy defies globalist appeasement, showcasing unwavering American strength and decisive leadership on the world stage.

Trump Set to Become 4th President to Address Israel’s Parliament–What to Know

‘The visit of the U.S. president ... is accompanied by great emotion and expectation,’ an Israeli Ministry of Defense official said.

Supreme Court Won’t Hear Project Veritas Challenge to State Law Blocking Secret Recording

U.S. Supreme Court declined to hear a First Amendment challenge from investigative journalism group against Oregon’s ban on secret recordings.

Katie Porter Syndrome: Toxic Feminism 101

“Katie Porter Syndrome” is a pathology inflicted upon Congressional staffers, the media, and, if the patient gets herself elected governor, all of CA.

Biden Undergoing Radiation, Hormone Treatment for Prostate Cancer

Former President Biden has begun receiving a combination of radiation and hormone treatments for prostate cancer, spokesperson announced.

Trump Names Longtime Adviser Dan Scavino to Key Personnel Position

One of President Trump’s longtime advisers, Dan Scavino, is going to be in charge of selecting and appointing key positions within the executive branch.

First Lady’s Effort Helped Reunite 8 War-Displaced Children With Their Families

First lady Melania Trump said 8 children impacted by the fighting between Ukraine and Russia were reunited with their families on Oct. 9.

Trump Admin Agrees to $20 Billion Rescue Plan for Argentina

The U.S. government has finalized a $20 billion economic rescue plan for Argentina, Treasury Secretary Scott Bessent announced on Oct. 9.

Trump Says He May Invoke Insurrection Act in Portland If Necessary

President Donald Trump on Oct. 6 said he may consider invoking the Insurrection Act in Portland, Oregon, if necessary.
spot_img

Related Articles

Popular Categories

MAGA Business Central