More Bad News for Housing Market: High Cancel Rate

us-housing-market-high-cancel-rateRedfin furnished more sour news for an already stressed US housing market.

As interest rates climb higher, the real estate market saw the largest rate of purchase cancelation since before COVID 19, as 15% of agreements didn’t materialize as planned.

Numbers from the information released indicate 60,000 home purchase agreements fell apart nationally in June, that’s roughly 15% of homes that went under contracts.

Source: Study: Home sales getting canceled at highest rate since pandemic began

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