Even though existing home sales rose in February, new home sales fell. New home sales were most likely affected by restricted credit as mortgage lenders are wary of giving out home mortgage loans.

Many mortgage lenders have tightened their requirements in recent months, requiring improved credit scores and reducing amounts they are willing to finance for home mortgage loans. This means that many buyers have to get existing homes, since those are seeing falling prices.

Before you visit mortgage lenders, check your credit score to determine what you need to do in order to bump it up a bit. And prepare to moderate your wishes. You could find a great buy if you are willing to settle for an existing home.