The biggest reason they’re leaving is the economy (inflation and worried about losing their job). The second reason is the high price of homeowners insurance. Third is they’ve bought over priced piece of shit vehicles for 100K, with payments spread over 96 months, which is insane.
US buyers walk away from deals with cancellations at multi‑year high
Redfin data showed nearly one in seven US home purchases collapsed in March as buyers balked at costs
More than 50,000 US home‑purchase agreements collapsed in March, the latest sign that even committed buyers have been unsettled by high borrowing costs and a fragile economic backdrop.
Real estate giant Redfin reported that 13.4% of homes that went under contract in March fell out of escrow. That was up from 12.5% a year earlier. It also tied with 2023 for the highest March share on record, excluding the first pandemic shock in 2020.
Cancellations in February already reached 13.7% of contracts – the highest February rate since Redfin’s records began in 2017 – while December saw 16.3% of deals unravel, a record for that month.
U.S. Homebuyer demand just it its lowest level ever for the month of March
byu/Such_Radio_9152 inREBubble
https://twitter.com/jonbrooks/status/2047402729887113250
Good news:
Renters gain more than $2,300 in breathing room as rent growth hits slowest pace since 2020
AC