Nation's Largest Home Builder Has a 68% Cancellation Rate in Q4 2022 - Housing Bubble 2.0

Another blow to the overall Housing Market. KB Homes, the nation's largest Home Builder announced that they had a 68% cancellation rate for the fourth quarter of 2022. Their previous quarter's cancellation rates were not as bad, but still dismal for the market. KB Homes is not the only Home Builder that is experiencing this issue, however they seem to be the one that is most affected by this down turn. In the end, this phenomenon clearly tells the Housing Market that it is in for a bumpy ride in 2023, as mortgage rates are predicted to remain above 6% as the FED has not given any indication that they will begin to reduce rates going forward. The Housing Correction is full on and when the backlog of Foreclosures come along, we will move into the Crash phase.