Inflation and mortgage rates took a hefty toll on homebuyers in October, with a record 60,000 home-purchase cancellations during the month, according to new data released Monday.
In an email on Monday, a spokesperson for the power buyer confirmed to Inman that the firm had laid off workers and would now "be a company of less than 30 people."
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Sales expected to drop to lowest level since 2008, and the growing lock-in effect — the financial disincentive to sell — "will remain in a way that has not occurred in over 40 years," economists say.
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Daniel Montano, 28, an agent with RE/MAX Gold Coast in Ventura, California, was arrested on Nov. 17 for allegedly making false statements and forging his clients' signatures.