Buyers backing out of home sales nationally hit record numbers, three area cities top the list

A recently released report finds that rising mortgage rates are forcing people to back out of contracts for homes.

The number of people backing out of home sales has reached record numbers as mortgage rates go up. (Courtesy image)
The number of people backing out of home sales has reached record numbers as mortgage rates go up. (Courtesy image)
  • Tampa Bay-Lakeland
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As mortgage rates continue to rise, the number of homebuyers backing out of contracts jumped to record highs in June, with Lakeland, Tampa and Cape Coral among the localities with the highest number of sales falling through, far outpacing the national average.

 

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