by Calculated Risk on 2/28/2007 04:50:00 PM

It has only been during the last couple of weeks that lenders have been tightening some of their lending standards. The New Century and HSBC losses were announced on February 7th, and the Fremont lending changes were announced on Feb 12th.

These changes will probably have a measurable impact on sales in 2007. See: Subprime: The impact on Existing Home Sales in 2007

Since New Home sales are counted when contracts are signed, these changes in lending standards will probably show up in the March numbers (announced in April).

Existing home sales are counted at the close of escrow. So these changes might start showing up in the March numbers if earlier sales fail to close (announced in April) or possible in the April numbers (announced in May).

But I wouldn't expect any impact on the February numbers to be announced in March.