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

    By Tyler Durden

    It hasn’t cratered yet, but the housing market is definitely softening.

    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 on record, and only the brief spike during the covid crash – which the promptly reversed – was worse. It’s up from a revised rate of 15% one month earlier and 12.5% one year earlier.

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