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New York

Lawyers see more people breaking contracts

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Real estate attorneys are finding that more people are trying to break deals and get out of contracts signed before the credit crisis. Attorney Jerry Feeney said almost half of the inquiries he currently gets are clients trying to back out of contracts. The number of contracts broken started increasing in August, and are now starting to fall slightly, according to Streeteasy.com, but the decline could reflect that there are just far fewer contracts being signed in the first place. Attorney Michael Carmody said that home purchases in the city came to a halt in September, and most of the people backing out of contracts bought in new buildings.