Real LI

Two weeks ago, something happened to John Marquis from Coach Realtors, something he's never experienced in his 25 years as an agent.

He was at a closing in which everyone was waiting for the lender's attorney. An hour later, they reached the lender's attorney.

"We're told the closing had been canceled by the lender," Marquis said. "The lender decided to change the rules and wanted more down payment from the buyer."

The lender's representative said a message had been left for the buyer's attorney, but no one in the office said they had gotten it, Marquis said. The lender was California-based IndyMac, which this week announced it would lay off 3,800 of its 7,200 employees and sell about 60 of its 150 retail loan offices.

All this comes as Long Island's and Queens' median closing price rebounded in June from May's four-year low, as Newsday reports on the data from the Multiple Listing Service of Long Island.

At the same time, RealtyTrac, an online market for foreclosures, said that June's foreclosure-related filings fell 3 percent nationwide but is still a 53 percent increase from a year ago, today's Newsday shows.