Market Conditions

According "Realty times" article, the existing home sales are down. The latest report from the National Association of Realtors is reporting that existing-home sales were down in month of August by 2.2 percent.

The reason for this slight stall? NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the pendulum in the mortgage market has swung too far. "The difficulty in obtaining a mortgage increased over past couple months, making it more challenging for creditworthy borrowers to find financing," he said. "Our hope is that overly tight lending criteria can be loosened with reasonable standards and credit so that sales activity can catch up with demand.

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