The number of people who are looking to purchase new homes has dropped, as mortgage interest rates have gone over seven percent for the first time in nine years. This increase in interest rates has also left some lenders worried that more borrowers may begin to default on their mortgages, thanks to a cooling economy. Despite these concerns, however, mortgage defaults are only increasing gradually, although some fear that increasing interest rates could have a negative impact on borrowers as time goes on.
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The rate of home sale cancellations reached a record of 15%, the highest rate since the beginning of the COVID-19 pandemic. This rate of cancellations is the result of buyers reconsidering their purchases due to changes in the market, which have caused them to back out on their existing real estate transactions. As a result, sellers are left with an unsold home, contributing to a housing market that has begun to cool.
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The number of existing homes being sold fell in April, even as home prices continue to rise. According to the National Association of Realtors, the number of home sales fell to the lowest level it has been since before the beginning of the pandemic. At the same time, though, there are many people looking to become homeowners, only to find there is simply not enough available inventory to go around.
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