Lets blame the buyers now, shall we?
Education is key. If you know the market is being manipulated by controlling the shadow inventory, then you know people are paying attention.
Market Watch-
A housing recovery may be under way, but there’s an obstacle that appears to be slowing down the rebound: the unusually high number of buyers who walk away from their contracts.
An average of nearly 18% of signed contracts on existing home sales were canceled during the three months ending July, according to data released this month by Capital Economics, an independent research firm. That’s the highest all year and the most since May 2010, when that figure reached 23%; in the five years before the housing slump started, the average never went higher than 10%. Separately, 36% of Realtors are reporting some kind of problem with a contract, including cancellations, delays and renegotiations of the sales terms, according to August data by the National Association of Realtors. That’s up from 30% earlier this year.
The latest setback comes as home sales are rising. Existing-home sales increased 7.8% in August from a month earlier and rose 9.3% from a year prior, according to data released this morning by the NAR.
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This question has to be asked…..
What are the reasons they walk away? What are they finding within these contracts that they don’t like? Is it them or is it, like a close friend of mine in Mobile had happen to him….Could not get Title insurance due to…CLOUDED TITLE ISSUES? It would be interesting if we could get an answer to this.