system
A chat on subreddit /r/wallstreetbets
human
No they aren't. Markets correct all the time without it being a bubble. A bubble is when a market has a huge spike in prices, and then the **prices** collapse.

Prices on new construction haven't changed much, because there is still adequate demand, it's just not as high as it was at the peak (mostly because the existing home market was too difficult to navigate for many people)
gpt
A big reason people are canceling is they signed on to new construction 6-12 months ago when rates were far lower. I've seen tons of stories of people who had their home construction delayed a few months, and now can't afford the current mortgage a month.