Panic as buyers ditch home purchases at the last minute in record as fears of 2008-style crash grow

Homebuyers are backing out of property purchases last-minute at a higher rate than ever recorded due to fears that a financial crash is imminent. Just four years ago, homebuyers were bidding up house prices and waiving inspections in order to quickly secure fast-selling properties. Today's buyers are moving slowly through the process — negotiating lower prices and obsessing over property details. And they are increasingly getting cold feet and backing out, even after signing contracts. In fact, 58,000 home-purchase agreements were canceled in July alone, according to data collected by Redfin. That's 15.3 percent of all homes that went under...