Home Bidding Wars Hit Eight-Year Low as Buyers Lose Confidence
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Recession fears in the U.S. are killing homebuyers’ fighting spirit, sending the rate of bidding wars to an eight-year low.
About 10% of buyers faced competitors in August, down from more than 42% a year earlier, according to an analysis by brokerage Redfin Corp. of offers written by its agents. The share fell from 11.4% in July, which was the lowest since at least 2011. It reached 59% in March 2018, and has been declining since then.