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Weekly mortgage applications fall sharply as potential homebuyers drop out

Weekly mortgage applications fall sharply as potential homebuyers drop out

Applications for mortgages to purchase a home led the decline, falling 6 percent for the week. More new listings are coming on the market this summer, but buyers are bumping up against high prices and multiple offers. Cash buyers often have the upper hand, as sellers would rather not deal with appraisals that might not meet those higher prices.

If June is anything like May, demand is still high, but sales will be lower. A monthly demand index from real estate brokerage Redfin found the same number of people were requesting home tours in May as in April, but the number of buyers making offers fell 16.7 percent year over year.

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