Housing Red Flag: Increase in Cancellations of Home Purchase Agreements
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Housing Red Flag: Increase in Cancellations of Home Purchase Agreements
The latest sign of trouble in the U.S. housing market: A pickup in home purchase agreements falling through before they’re finalized. Some 6% of pending contracts to buy a home were canceled in May, down from 7% in April, but up from 5% in May last year, according to data from National Association of Realtors. May is the third consecutive month with an annual increase in pending home sales cancelations. A separate analysis of housing data by Red…
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