About 16.1% U.S. home contracts fell through in July, up from 15% in June and 12.5% a year earlier. Of the top 10 city backout rates, 6 were in Fla., with Jacksonville No. 1.

An increase in backouts can reflect a changing market. Some buyers who started their search a few months ago may no longer qualify for a mortgage high enough to cover their purchase. Some frustrated buyers may have made a quick decision and then regretted it as more listings come into the market. And some buyers may feel they’ve gained more power after a seller refused to negotiate requested changes.

Top U.S. cities where buyers backed out

1. Jacksonville – 29.3% of homes under contract
2. Las Vegas – 27.4%
3. Lakeland – 26.2%
4. New Orleans – 25.9%
5. San Antonio – 25%
6. Orlando – 24.5%
7. Palm Bay – 24.5%
8. Deltona – 24%
9. Atlanta – 23.7%

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60% of RE Experts Say ‘It’s Not a Bubble’

Bubbles pop, and even with too-high home prices, “The housing market today is a far different beast than what we saw in the mid-2000s,” says economist Nicole Bachaud.

NEW YORK – As home prices continue to break growth records, a panel of housing experts and economists surveyed by Zillow does not believe the market is in a bubble. The latest Zillow Home Price Expectations Survey polled more than 100 experts from academia, government and the private sector to gather their opinions on the state of the housing market and future growth, inflation forecasts and recession risks.

Of those surveyed, 60% said they do not believe the U.S. housing market is currently in a bubble, compared to 32% who think we are in a bubble, and 8% who are not sure.

“Americans have seen home values rise at record rates over the past few years. But although a recession is looking more and more likely, the housing market today is a far different beast than what we saw in the mid-2000s,” said Zillow economist Nicole Bachaud. “Unlike in 2006, this market is underpinned by strong fundamentals and has been built on mortgages with sound credit, factors that won’t change in the near term.”

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