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Article: New-Home Buyers in Orange County, Calif., Stay the Course.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- October 10, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Hang Nguyen, The Orange County Register, Calif. Knight Ridder/Tribune Business News
Oct. 10--The summer's spike in mortgage rates didn't stop buyers of new homes from completing their deals.
That's evident in the third-quarter cancellation figures from four Orange County builders, who say the number or rate of canceled deals this summer was either unchanged or down slightly from the same period a year ago.
Occasionally, buyers pull out of new-home sales contracts even after putting down thousands of dollars as a security deposit.
Cancellation rates often vary with the economic climate.
Builders say this summer was no ...