Record Number Of Homebuyers Walk Away From Contracts As Builders Reel Amid Glut Of Unsold Houses

Between cratering homebuilder and homerbuyer confidence… … record low home affordability… … a record number of new listing with price cuts (amid the collapse in demand). … plunging housing starts… . and so on, as the recent surge in mortgage rates has effectively pushed the housing market into a recession, which is now so widespread that 63,000 home-purchase agreements were called off in July, equal to 16% of homes that went under contract that month. According to Redfin, that’s the highest percentage