Part 7/9:
The housing market’s future remains shrouded in uncertainty due to external economic factors, including potential tariffs and fluctuations in mortgage rates. Foreclosures and purchase cancellations are at unprecedented highs, with 41,000 purchase agreements—amounting to 14.3%—canceled in January alone, a stark increase from the previous year.
In parallel, the developing situation is leaving more homeowners in precarious financial positions. Amid rising costs and layoffs, many potential buyers find themselves unable to afford homes, further complicating seller efforts. The trend of properties being sold primarily in cash is an indicator of wealth polarization, as many transactions now reflect cash-rich buyers who may not be as sensitive to market fluctuations.