“Home sales have been falling through for many sellers since the beginning of the summer, according to one analyst, as many homebuyers are retreating from the housing market.
“June is when many builders will tell you they have seen an inflection in the housing market,” Deepa Raghavan, senior equity analyst at Wells Fargo Securities, told Yahoo Finance Live (video above). “Their metrics started going down from June. What we will tell you is July and August, those metrics actually took a turn for the worse. In talking to people on the field, it feels like cancellation rates have spiked tremendously.
With the Federal Reserve hiking interest rates up another 75 basis points and fears of a recession on the horizon, more and more homebuyers have become hesitant about purchasing a new home”.
