NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said buyers should look into loan availability as soon as they decide they want to buy. "Despite very affordable mortgage interest rates, credit remains a challenge -- buyers should check their personal credit, and mortgage availability in their area," he said.

And I say: This can't be important enough! All this talk lately of credit scores and such, is really starting to play out in the housing market. One can not be late with payments nor can one get overwhelmed with personal debt. Stop with the credit cards and start using cash. Nothing is more disappointing than to look for a home to buy and then find out that financing is not available for you because of poorly made financial decisions.