More Americans are putting dreams of homeownership on pause as 'fear' and 'buyer's remorse' sweep the real estate market, says the nation's 3rd largest homebuilder
Inflation and interest rate hikes are driving up the cost of housing — and it's causing many would-be homebuyers to put their homeownership dreams on pause., some of the nation's largest homebuilders are seeing their production volumes fall while their cancellation rates rise. The homebuilder's net new orders were down 23% from the same time period in 2021, it in its second-quarter earnings call Tuesday. The cancellation rate of 15% was up from 7% just a year ago.
Ryan Marshall, the president and CEO of PulteGroup, says the quarter's downturn was caused by reduced consumer sentiment.
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