As Homebuyer Contracts Collapse, Expectations Tumble, Too

Orange County Register, Sept. 21, 2023–Jeff Lazerson
In August, 60,000 home purchase agreements, or 15.7% of homes under contract, were canceled, according to a Sept. 15 report by Redfin. That’s up from 14.3% a year earlier and marks the highest percentage since October 2022, when mortgage rates surpassed 7% for the first time in two decades.
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