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A record number of American homebuyers appear to be getting cold feet amid concerns with the real estate market.Nearly 60,000 purchase agreements were canceled in July and sales of existing homes fell by an annual rate of 2%, according to a new Redfin report. Meanwhile, pending sales of both existing homes and new builds dropped to the lowest level on record last month — aside from April 2020 when the pandemic brought the economy to a screeching halt.
While the Federal Reserve is expected to lower interest rates in September — which would in turn lead to lower mortgage rates — Redfin senior economist Elijah de la Campa said waiting around for rates to drop isn't necessarily the best strategy for those looking to buy.'If you have the means to buy and have been thinking about doing so, now actually might not be a bad time,' de la Campa said in a statement.
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