More Metro Detroit homebuyers are canceling deals
Roughly 17% of pending home sales in Metro Detroit fell through in January, up from 14% a year earlier, according to Redfin data.
The big picture: More deals are being canceled nationally, Redfin reports.
Around 14% of pending U.S. home sales fell through in January, the highest share for this time of year since at least 2017.
Context: Homebuyers are backing out of deals for several reasons, including the shock of still-steep prices and mortgage rates, plus economic and political uncertainty, Redfin researchers say.
With inventory on the rise nationally, some buyers are also pivoting because they think a better house has (or might) come along.
Zoom in: Royal Oak-based Realtor Danny Dedic tells Axios that, as a rule, he typically plans for 10% of contracts to fall through due to run-of-the-mill financing problems, buyers' cold feet or unforeseen circumstances.
The jump to 17% this January is not overly concerning, he says, pointing out that January is generally a bad month for home sales.
Dedic is advising his clients to put their houses up for sale ASAP because the market should be fairly robust this spring and summer.
In January, the rate was as high as 7.26%.
Between the lines: Declining mortgage rates usually give homebuyers more purchasing power. Harnessing that power, however, will be difficult amid the tumult.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New York Post
2 hours ago
- New York Post
Craft giant Michaels buys Joann's intellectual property, fan-favorite labels
NEW YORK — Craft labels from the now-shuttered fabrics seller Joann are making their way to a new home: Michaels. The Michaels Companies announced on Thursday that it had completed its purchase of Joann's intellectual property and private label brands — in an acquisition that arrives as the Texas-based arts and crafting chain works to expand its own fabric, sewing and yarn offerings. 'We're honored to have the opportunity to welcome JOANN customers into our creative community and are committed to delivering the selection, value, and inspiration they are looking for at Michaels,' Michaels CEO David Boone said in a statement. Advertisement Craft labels from the now-shuttered fabrics seller Joann are making their way to a new home. Christopher Sadowski The deal, he added, allows the company to better 'respond to rising demand' among both new and existing customers. Financial terms of the acquisition were not disclosed. The Associated Press reached out to Michaels for further information on Friday. Advertisement With roots dating back to a single Ohio storefront in 1943, Joann had grown into a destination for generations of sewers, quilters, knitters and lovers of other crafts for more than 80 years. But more recently, operational challenges continued to pile up — with the retailer pointing to sluggish consumer demand, inventory shortages and rising competition. Joann announced it would be going out of business back in February, just one month after filing for Chapter 11 bankruptcy protection for the second time within a year. Advertisement The Michaels Companies announced on Thursday that it had completed its purchase of Joann's intellectual property and private label brands. NurPhoto via Getty Images At the time, the company said financial services company GA Group, together with Joann's term lenders, had been selected as the winning bidder to 'acquire substantially all of Joann's assets' and conduct going-out-of-business sales at all store locations. Michaels on Thursday said that its purchase of Joann's IP and private brands included the acquisition of 'Big Twist' yarns, which had become a staple in Joann stores over the years. Those 'Big Twist' labels are now being developed as part of Michaels' portfolio — and will be available in-stores and online later this year, the company said. Advertisement In the meantime, Michaels has also dedicated a landing page to welcome former Joann customers online. And as part of its overall expansion into fabrics, Michaels said on Thursday that its adding more than 600 new products from new and existing brands — including quilting supplies and fabrics, specialty threads, sewing machines and more. Michaels, founded in 1973, currently operates 1,300 stores across 49 U.S. states and Canada. Its parent company also owns Artistree, a framing merchandise manufacturer.
Yahoo
3 hours ago
- Yahoo
Gerry Adams's lawyer to pursue chatbots for libel
The high-profile media lawyer who represented Gerry Adams in his libel trial against the BBC is now preparing to sue the world's most powerful AI chatbots for defamation. As one of the most prominent libel lawyers in the UK, Paul Tweed said that artificial intelligence was the 'new battleground' in trying to prevent misinformation about his clients from being spread online. Mr Tweed is turning his attention to tech after he recently helped the former Sinn Fein leader secure a €100,000 (£84,000) payout over a BBC documentary that falsely claimed he sanctioned the murder of a British spy. The Belfast-based solicitor said he was already building a test case against Meta that could trigger a flurry of similar lawsuits, as he claims to have exposed falsehoods shared by chatbots on Facebook and Instagram. It is not the first time tech giants have been sued for defamation over questionable responses spewed out by their chatbots. Robby Starbuck, the US activist known for targeting diversity schemes at major companies, has sued Meta for defamation alleging that its AI chatbot spread a number of false claims about him, including that he took part in the Capitol riots. A Norwegian man also filed a complaint against OpenAI after its ChatGPT software incorrectly stated that he had killed two of his sons and been jailed for 21 years. Mr Tweed, who has represented celebrities such as Johnny Depp, Harrison Ford and Jennifer Lopez, said: 'My pet subject is generative AI and the consequences of them repeating or regurgitating disinformation and misinformation.' He believes statements put out by AI chatbots fall outside the protections afforded to social media companies, which have traditionally seen them avoid liability for libel. If successful, Mr Tweed will expose social media companies that have previously argued they should not be responsible for claims made on their platforms because they are technology companies rather than traditional publishers. Mr Tweed said: 'I've been liaising with a number of well-known legal professors on both sides of the Atlantic and they agree that there's a very strong argument that generative AI will fall outside the legislative protections.' The lawyer said that chatbots are actually creating new content, meaning they should be considered publishers. He said that the decision by many tech giants to move their headquarters to Ireland for lower tax rates had also opened them up to being sued in Dublin's high courts, where libel cases are typically decided by a jury. This setup is often seen as more favourable to claimants, which Mr Tweed himself says has fuelled a wave of 'libel tourism' in Ireland. He also said Dublin's high courts are attractive as a lower price option compared to London, where he said the costs of filing libel claims are 'eye-watering'. He said: 'I think it's absurd now, the level of costs that are being claimed. The libel courts in London are becoming very, very expensive and highly risky now. The moment you issue your claim form, the costs go into the stratosphere. 'It's not in anyone's interest for people to be deprived of access to justice. It will get to the point where nobody sues for libel unless you're a billionaire.' Meta was contacted for comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
3 hours ago
- Yahoo
I'm a Gen Zer who landed a 6-figure job at Morgan Stanley before graduation. Here's what the process was like — and why you should refresh a surprisingly important part of your résumé.
Sara Thomas, a University of Chicago student, secured a role at Morgan Stanley before graduation. She said networking, campus finance clubs, and an often overlooked resumé section helped her land the role. Gen Z continues to be attracted to Wall Street careers, despite the long hours and high demands. This as-told-to essay is based on a conversation with Sara Thomas, 22, a 2025 graduate from the University of Chicago and incoming investment banking analyst at Morgan Stanley. Business Insider's recent "Path to Wall Street" series highlighted how finance careers continue to attract young talent, despite the industry's long hours and demanding entry-level roles. Entry-level bankers typically earn about $110,000 a year, not including bonuses. This interview has been edited for length and clarity. I had barely decided on banking as a career choice when I had to start preparing for interviews. My experience was similar to most stories I've heard about the banking world: the recruiting process starts early. Before submitting my internship applications, I spoke to about five people at each major bank — mostly recent UChicago grads and people the university's career advancement program connected me with — so they would recognize my name when they saw my résumé. Cold LinkedIn messaging didn't work very well for me. Those introductions are often necessary to get an interview. At most banks, I interviewed for multiple rounds, including calls focused on my personality and technical skills and a two-hour "super day." The whole process lasted about two weeks. Then, by the spring of my sophomore year, I was done. I landed an internship at Morgan Stanley, and I knew my full-time job would be set as long as I got a return offer. My prior internships had been at Bain Capital and the Chicago-based firm Ariel Investments. The only other career trajectory I considered in college was academia. I studied economics and considered getting involved with economics research, but I realized it wasn't for me. I just work better in a faster-paced finance environment. In my free time at school, I tried to focus on clubs and internships that would keep me close to startups and entrepreneurship, so I joined a venture capital fund on campus. I was also involved in a campus group for women and minorities interested in finance and investing. Those opportunities really helped me build my industry chops. I would tell any college student hoping to land a Wall Street or Silicon Valley job: be decisive. Even if investment banking or consulting isn't your lifelong passion, plan to commit to a career path sooner rather than later, so that you can give yourself the most amount of time to prepare, network, and do really well in the interviews. And, for the application process, students need to be careful with what they put on their résumé — recruiters pay a lot of attention to the "skills and interests" section at the bottom. Don't say that you're a mountain climber if you have never climbed a mountain, because people will ask you about your hobbies, and you need to be able to genuinely talk about them. Of course, your credentials matter, but I've found that recruiters are most interested in meeting well-rounded people. Job applications and postgrad life make me anxious sometimes. I've leaned on my friends a lot: Some aren't going into finance, others have gone through recruiting alongside me. I'm also grateful for my family — my Morgan Stanley role will be in San Francisco, and it will be the first time I've moved far from home, since I grew up in Chicago. Exercise has always been a coping strategy for me, too. I'm trying to build healthy habits and make sure I don't isolate myself. Those are the main ways I'm dealing with stress. Long, long term, my biggest goal is to be able to work for myself in some way. That could mean working at a big company that gives me a lot of autonomy to make decisions or starting my own company, if I am brave enough to do that. For now, I'm excited to keep building my career and learning from my coworkers. Having engaging conversations with people you've never met can be the most challenging part of the finance industry, but it's also the most rewarding. Do you have a story to share? Contact this reporter at allisonkelly@ or via Signal at alliekelly.10; here's our guide to sharing information securely. Read the original article on Business Insider
