Builders Dish Out Discounts as Buyer Demand Dries Up

Mortgage applications are falling close to 40% year-over-year, cancellations by property developers are on the rise, and builder confidence is at a 10-year low thanks to mortgage rates surging beyond 7%, according to Realtor.com. KB Home reported a 35% cancellation rate in the third quarter of 2022, while Lennar saw cancellations on 21% of its…
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