Housing Market Craters as Sales Get Cancelled at Record Rates

Once again we have evidence that the overall Housing Market is cratering: Sales and Contracts getting cancelled by potential Buyers at record rates. Some sales are cancelled due to the recent increase in mortgage rates, which may leave many Buyers unable to afford the property they had hoped to purchase. Other Buyers are now aware that they could have more room to negotiate a better price, now that there is far more inventory on market and Sellers also are forced to reduce their price points and compete. It's not one item that causes a Housing Crash, it is a number of items and issues that when compounded create the chaos in the Housing Market.