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A number of Realtors® responding to the Realtors® Confidence Index March Survey indicated continued tight credit conditions: in a number of cases prospective home buyers had difficulty in qualifying for a loan. A comparison of FICO scores for loan transactions as reported by Realtors® responding to the RCI over the February and March time span compared with FICO scores reported by Fannie Mae’s “Acquisition Profile by Key Product Features”—showing mortgage lending and refinancing conditions in the pre-boom normal housing markets of a few years ago-- shows that credit availability to lower scoring applicants appears to have declined. Realtors® provided FICO information based on their understanding of the credit situation; in some cases the information for clients was estimated. However, overall the data seem to substantiate relatively tight credit conditions.
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