"This Recession Is Looking Like A Depression": Housing Market Craters As Sales Get Canceled At The Highest Rate On Record

One month after we observed that the June Redfin data found that as a result of soaring mortgage rates and record home unaffordability, price cuts for new listings had exploded amid a collapse in buyer demand...

... the newsflow from the frozen housing market has turned downright dismal, and according to the latest Redfin data, home sales are getting canceled at the highest rate since the start of the pandemic.