Home sale cancellations rise in ‘remarkably uncertain time’ for market: Redfin CEO

The US housing market is in the midst of a significant pullback, with cooling conditions that have contributed to a spike in home sale cancellation rates, according to the top boss at real estate firm RedFin.  RedFin CEO Glenn Kelman noted housing demand plummeted because buyers were “absolutely freaked out” in May and June as the Federal Reserve’s sharp interest rate hikes prompted an increase in mortgage rates.