HomeReal EstateHome Sales Dive as Mortgage Rates Hit 23-Year High

Home Sales Dive as Mortgage Rates Hit 23-Year High

Homebuyers are increasingly backing out of deals as mortgage rates stand at a 23-year high. Dara from Redfin found that around 53,000 home purchase agreements in the US were abandoned in September; 16.3% of all home sale contracts that month. This is the highest amount of canceled contracts since October 2022.

“Buyers are extra cautious right now,” Redfin premier agent Heather Kruayai observed. They want to make sure they’re getting a good deal given how much mortgage payments have gone up, and when they don’t feel like they’re getting a good deal, they’re backing out.”

The towns that were hit the hardest were those that experienced a home purchase boom during the pandemic due to the arrival of remote workers. Some areas in Florida experienced contract cancellation rates of up to 20%.

GameStop Shares Surge More Than 35% Ahead of the Earnings Report

Shares of video game and electronics retailer GameStop are on the rise again. The company’s stock has been surging in recent days, gaining more...

Microsoft to Invest $3.2 Billion in UK in AI Push

Microsoft is planning to inject $3.2 billion over the next three years into the United Kingdom in an effort to foster artificial intelligence technology...

European and U.S. Stocks Rise Ahead of U.S. Inflation Data

European and U.S. stocks rose higher during Thursday's morning session as investors awaited U.S. inflation data due to be released later in the day....