Record number of homebuyers are backing out of deals, Redfin reports

According to Redfin, nearly 60,000 purchase agreements were canceled in July - the highest percentage of any July on record. (WDBJ)

U.S. homebuyers are backing out of their real estate deals at a record rate.

According to Redfin, nearly 60,000 purchase agreements were canceled in July - the highest percentage of any July on record - and sales of existing homes fell at an annual rate of 2%.

“Many house hunters are getting cold feet because housing costs remain high. Economic uncertainty is also high, with recession fears on the rise,” Redfin data journalist Lily Katz wrote.

Pending sales of both existing homes and newly constructed homes also dropped to the lowest level on record last month aside from April 2020 when the pandemic brought the economy to a screeching halt.

Redfin reports they declined 2.9% from a month earlier and 5.8% from a year earlier, both the biggest declines in nearly a year.

Mortgage rates have seen a slight decline over the past few months but that hasn’t necessarily helped while still staying above 6%.

“The Federal Reserve is expected to start cutting interest rates in September and continue through 2025, but markets have priced in a fairly fast pace of rate cuts already, which means homebuyers are unlikely to see a large drop in mortgage rates in the near future,” Katz shared.

Redfin Senior Economist Elijah de la Campa said waiting for mortgage rates to fall isn’t the best strategy either.

“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 shared. “That’s because mortgage rates have fallen enough to boost your purchasing power, but not enough to bring tons of buyers off of the sidelines and drive up competition.”

When it comes to encouraging signs for homebuyers, Redfin mentions the total supply of homes for sale rose a record 13.7% year over year in July, and only a third of homes sold for more than their asking price, down from 38% a year earlier and the lowest since July 2020.

Mamta Kafle Bhatt, a 28-year-old Virginia mother, has been missing for weeks. (City of Manassas Park Police Department)

Manassas Park, Pa.

Police in Virginia have taken the husband of a missing mother into custody after searching the family’s home Thursday.

Mamta Kafle Bhatt was last seen in Manassas Park weeks ago and is now presumed dead, according to Manassas Park Police Chief Mario Lugo.

WJLA reports that her husband, Naresh Bhatt, has been charged with prohibition against concealment of a dead body in connection to her disappearance.

Officers responded to the Bhatt home on Aug. 2 following a welfare check request from her employer.

However, police say her husband didn’t report her missing until three days later.

Naresh Bhatt had been previously named a person of interest in the case and stopped cooperating with the police investigation, Lugo shared.

The couple’s infant daughter, who turned 1-year-old over the weekend, was also taken out of the family home by authorities.

Police said additional investigative leads may lead to further charges against Naresh Bhatt who is currently being held without bond.

The Manassas Park Police Department said it is continuing its investigation into Mamta Kafle Bhatt’s disappearance.

Infant dies after being left in hot car; mom forgot to drop her off at day care, police say

Police say Hilda Adame was arrested in connection with the death of her 22-month-old daughter. (Corpus Christi Police Department)

Corpus Christi, Texas

A Texas mother is facing charges following the death of her child who was left in a car during triple-digit temperatures.

The Corpus Christi Police Department said 33-year-old Hilda Adame was arrested in connection with the death of her nearly 2-year-old daughter Tuesday.

Police say she forgot to drop off her daughter at day care that morning and ended up leaving her in the back seat of her vehicle while she went to work.

According to authorities, officers were called to Adame’s work, Tom Browne Middle School, at about 1:30 p.m. regarding an infant who was left inside a vehicle.

KRIS reports that Adame’s daughter, Harley Adame, was left inside the parked vehicle from 8 a.m. to 1 p.m. before Hilda Adame went back to her SUV and realized Harley was still inside.

The mother then took her daughter to the nurse’s office where they started CPR until medics arrived.

Harley was taken to the Driscoll Children’s Hospital but was pronounced dead shortly before 2 p.m.

Corpus Christi police said Hilda Adame was arrested on charges that included injury to a child and abandoning or endangering a child causing imminent bodily injury.

According to AccuWeather, the high temperature in Corpus Christi reached as high as 102 degrees Fahrenheit on Tuesday, including an excessive heat warning for the area.

‘It’s a ghost town’: Last remaining Denny’s in San Francisco closes after nearly 25 years

FILE -The last remaining Denny’s in San Francisco has shuttered after nearly 25 years. (AP Photo/Keith Srakocic)

San Francisco

The last remaining Denny’s in the San Francisco area has closed.

After nearly 25 years in business, the 24-hour diner located near San Francisco’s Union Square closed Aug. 1, SFGate reported.

Franchise owner Chris Haque told the news outlet that ongoing vandalism contributed to their decision to close.

“We were the only store left, and we operated until the last day that we could,” Haque is quoted. “The cost of doing business is tremendous. There’s vandalism, and people come and eat and walk away, and there’s no one to stop them.”

Haque continued to say that the dine-and-dash issue just kept happening and cut into the restaurant’s profit margins.

The franchise owner will reportedly continue to run a Denny’s location in Tacoma, Washington. But the Union Square restaurant became the second Denny’s he has been forced to close.

Hague shared that he used to be the franchise owner of a Denny’s location in San Francisco’s Fisherman’s Wharf before it closed in 2019.

Empty storefronts have become more of a frequent scene in the downtown San Francisco area over the last few years.

Such retailers as Uniqlo, Nordstrom Rack and Anthropologie have closed.

And the owner of Westfield San Francisco Centre, a fixture for more than 20 years, said it was handing the mall back to its lender, citing declining sales and foot traffic, The Associated Press reported last year.

“I’d stand outside my bar at 10 p.m. and look, it would be like a party on the street,” Jack Mogannam, manager of Sam’s Cable Car Lounge, told The AP. “Now you see, like, six people on the street up and down the block. It’s a ghost town.”

‘Selfless act’: Beloved father of 5 drowns at state park while trying to rescue son in lake

Andre Leon Debose, 38, died while trying to help rescue his son in a lake at Willard Bay State Park. (GoFundMe)

Willard, Utah

A father died while trying to save one of his sons from drowning at a lake in Utah over the weekend.

According to the Utah Division of State Parks, 38-year-old Andre Leon Debose was swimming and boating with his 17-year-old son at Willard Bay State Park last Saturday when the weather turned stormy.

Park officials said another swimmer, a 19-year-old woman, began to struggle in the water, and Debose’s son jumped in to help.

The woman was wearing a life jacket, and she was able to be brought aboard the boat safely.

However, the 17-year-old then began to struggle in the water before he could reboard. Upon seeing his son in distress, Debose jumped from the boat to help him.

The two only had one life jacket between them and were holding onto that while in the water.

Officials said Debose went under the water and did not resurface while his son was able to make it back to the boat.

Search and rescue teams immediately responded and launched a search operation to look for Debose.

His body was recovered from the water about seven hours later, authorities said.

“The Utah Division of State Parks extends our deepest condolences to Debose’s family and friends during this difficult time,” park officials shared. “We would also like to express our thanks to the agencies who assisted in the search and recovery efforts.”

Debose’s loved ones have started a GoFundMe since his death to help the family.

They said he was working as a plumber in Utah and a beloved single father to five children who range in age from 1 to 17 years old.

“This devastating loss has left Andre’s five children facing an unimaginable future without their devoted father,” his family shared. “Andre’s selfless act of love and courage will not be forgotten. He died as he lived - putting the needs of his family above his own.”