Over 10 years we help companies reach their financial and branding goals. Maxbizz is a values-driven consulting agency dedicated.




411 University St, Seattle


Homebuyers Get Cold Feet – Investopedia

Ahead of fresh data on new home sales and home prices this week, there are signs that new homebuyers are backing out of sales.
Amid higher interest rates and a softening housing market, home purchase cancellations were above 15% for the second straight month. Last month about 64,000 agreements or 15.2% were cancelled, compared to 15.5% in July, according to real estate firm Redfin. A year ago, just 12% of purchases were canceled. The average rate on a 30-year fixed-rate mortgage is now 6.3%, up from about 3.2% in early January, according to Freddie Mac.
The highest cancellation rates were found in “pandemic boomtowns” located in the Sun Belt states. All 10 cities with a back-out rate of 20% or higher were located in the Sun Belt.
Jacksonville, Florida outpaced all other cities with 26.1% of pending sales dropping out of contracts in August. Las Vegas, Nevada ranked second with 23% cancelling contracts, followed by Atlanta at 22.6%, Orlando at 21.9% and Fort Lauderdale at 21.7%.
“Investors have clearly thrown in the towel on housing stocks, as the S&P Homebuilders Index (XHB) is down 37%, led by steep losses in stocks like Toll Bros. (TOL), D.R. Horton (DHI), and Pulte Group (PHM),” said Caleb Silver, editor-in-chief of Investopedia.
Stocks & Bond News
Company Profiles
Economic News
Company Profiles
When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site.



Joseph Muongi

Financial.co.ke was founded by Mr. Joseph Muongi Kamau. He holds a Master of Science in Finance, Bachelors of Science in Actuarial Science and a Certificate of proficiencty in insurance. He's also the lead financial consultant.