Failed US home-purchase deals jumped in July as buyers continued to back away from the market amid rising mortgage rates.
Roughly 63,000 home-purchase agreements were canceled in July, equal to about 16% of properties that went into contract that month, according to an analysis by Redfin Corp. That was up from 15% of deals that fell apart in June. A year earlier, when the housing market was running hot, it was about 12.5%.
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