Arizona Real Estate Notebook

“Mortgage rates eased slightly this week following three weeks of increases. The initial effects of the credit market turmoil that began in August are starting to emerge in housing statistics,” said Frank Nothaft, Freddie Mac vice president and chief economist. “New home sales in August fell to the slowest pace in more than seven years and the median sales price had the largest twelve-month decline since 1970. Moreover, August’s pending existing home sales fell to the lowest level on record, which begins in 2001.