Home Prices Are Falling as Homebuilders Get Put ‘on Their A–’

As a result of the pandemic housing boom, home building production was ramped up, thus equalling oversupply.

According to Fortune, there’s not only a record number of unsold homes under construction, there’s also a record number of total homes under construction. Even sold homes are a liability for builders: Spiking mortgage rates are translating into a spike in buyers pulling out of their contracts. Look no further than homebuilding giant D.R. Horton, which saw its cancellation rate jump to 24% in its fiscal third quarter ending June 30.

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