Real Estate Market Update August 2013!

Wow! What a summer! July was the driest month in recorded history!
Sales were good too! July was the highest sales month of the year and the highest sales in July since 2009. Sales were 40% higher than July 2013 and 11% higher than June 2013. 
Mortgage rules are changing again, upcoming changes will make financing more difficult for those who do not fit into specific molds. New guidelines for calculating debt ratio or “ability to pay” will be imposed on rental  income on investment properties, unsecured lines of credit, and credit cards minimum payment calculations and people with variable incomes such as tips and seasonal employment.
If you have any questions or concerns about how these changes can affect you, please give me a call.