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In reporting on their last contract that went into settlement or was terminated over the period October–December 2015, REALTORS® reported that 33 percent of contracts had delayed settlement, according to the December 2015 REALTORS® Confidence Index Survey Report.
Among contracts that had a delayed settlement (33 percent), 45 percent had financing issues, an increase compared to the share of about 40 percent in the first half of 2015. REALTORS® reported that the “Know Before You Owe”/TRID regulations have led to longer closing periods.[1] In the December 2015 survey, 53 percent of respondents reported that they are experiencing a longer time to close compared to a year ago, up from 37 percent in the October 2015 survey when NAR first gathered this information.
Among contracts that were terminated (seven percent), 29 percent had financing issues and 29 percent had home inspection issues.
[1] The “Know Before You Owe”/TRID regulations that took effect on October 3, 2015, were intended to provide disclosures that will be helpful to consumers in understanding the key features, costs, and risks of the mortgage for which they are applying.
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