Fifty-three thousand real estate deals were canceled last month — the highest rate in nearly a year — as rising borrowing rates continue to scare off buyers, Redfin reported.
In September, 16.3% of home purchase agreements in the U.S. were canceled, according to the technology-powered real estate brokerage. That marks the highest percentage of canceled contracts since October 2022, when borrowing rates surpassed 7% for the first time in two decades. A mystery company backed by Silicon Valley billionaires has purchased tens of thousands of acres of land for more than $800 million to build a new city near San Francisco
Thousands are living in RVs on Los Angeles’ streets. Leaders want to shrink the number, but the solution is elusive
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