C.A.R. reports July sales up 12 percent, prices declined 19.6 percent

Home sales increased 12 percent in July in California compared with the same period a year ago, while the median price of an existing home declined 19.6 percent, C.A.R. reported yesterday.
More Info: http://www.car.org/newsstand/newsreleases/julysalesandpricereport/

*Source: CA Association of Relators

How Does a Refi or Loan Mod Affect Your Credit?

Refinancing and loan modifications can affect your FICO score in a few areas. How much depends on whether it's reported to the credit bureaus as the same loan with changes or as an entirely new loan.If it's reported as the same loan with changes, three pieces of information associated with the loan modification may affect your score: the credit inquiry, changes to the loan balance, and changes to the terms of that loan. Overall, the impact of these changes on your FICO score should be minimal.If it's reported as a "new" loan, your score could still be affected by the inquiry, balance, and terms of the loan, along with the additional impact of a new "open date." A new or recent open date typically indicates that it is a new credit obligation and, as a result, can impact the score more than if the terms of the existing loan are simply changed.

*Source myFICO.com

Uptrend Continues in Pending Home Sales.

Pending home sales are up for the fifth consecutive month. NAR's forward-looking Pending Home Sales Index for June indicates signed contracts rose 3.6 percent to an index level of 94.6 from an upwardly revised reading of 91.3 in May. The last time there were five consecutive monthly gains was in July 2003.

For more information, click here: http://www.realtor.org/press_room/news_releases/2009/08/uptrend_pending

*Source Realtor.org