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Existing home sales fall 5.1%

In the latest sign of renewed turbulence in the housing market, an industry group said Thursday that sales of existing homes fell 5.1% in June.

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Today’s Arizona Market

Today’s Market is a tricky one. With the always changing loan qualifications and distressed properties that we face in Arizona it can be verify difficult to know what to do. Fannie Mae and Freddie Mac are the two largest loan investors, therefore they make the rules that most banks/servicers follow. Recently they changed their guidelines once again that now they will pull your credit towards the close of escrow to see any changes on your credit. So BE CAREFUL, don’t go and purchase something with your credit only to find out that you can no longer purchase your home because you credit changed.

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