Prospective home buyers in the U.S. set an all-time high record of purchase contract cancellations in July. Redfin reported the total number of cancellations across America at 58,000. That’s up nearly 1% from last year and the highest monthly cancellation rate since tracking began in 2017.
The outlet blamed high purchase prices, unfavorable rates charged by mortgage lenders and general economic uncertainties as the primary reasons so many buyers backed out of their deals.
Some other factors are better deals that came up before closing, and for those using FHA loans, the required structural integrity requirements and potential repairs may prove to be too much of a headache.
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