Power shift.
Welcome to the Know the Difference Minute for Tuesday, July 12th. 
During the crazy days of the recent super-hot housing market, it wasn’t unusual to see multiple offers over asking—many in cash—and more than a few deals skipping home inspections or appraisal contingencies. 
That was then. This is now. 
Rising interest rates are colliding with concerns about a possible recession. The number of cancellations for purchase agreements climbed to 60,000 in June, just under 15% of homes under contract. Suddenly, it seems, the power is shifting slightly back toward buyers who are able to back out. Many no longer feel the urgency to commit to buying homes they feel could depreciate in the next year. 
That’s for existing homes, but homebuilders are feeling it too. The national cancellation rate for new construction has more than doubled to 14.5% in June. 
I’m Dave Spano from Annex Wealth Management.  That is your Know the Difference Minute.