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A recent New York Times report explained that Realtors nationwide have continued to deal with an increasing number of home sales cancellations, partially due to the waning economy.
A developer in the New York region spoke with the news source and explained that the struggling economy has made real estate transactions far from a sure thing. To deal with the rising amount of cancellations, the developer now requires a 10 percent cash down payment and a signed contract before breaking ground on any new construction.
"You have to 'sell' a house three or four times before you can find a buyer who is sellable," the developer told the Times.
The developer further explained that property deals are contingent on financing, which can take up to three to four months for potential borrowers to find out if their mortgage application has been approved or denied.
The Realtors Confidence Index showed that 16 percent of brokers experienced a homebuyer cancellation during June and July. In May, 4 percent of brokers reported cancellations.
National Association of Realtors chief economist Lawrence Yun cites the waning economy, lower consumer confidence and tough lending standards as part of the reason for high cancellation rates.
In Houston, properties have continued to sell well during the last several months, as the region's healthy job market has keep consumer confidence high.