HIGHER PRICED MARKETS
Hedge funds and foreign investors are the ones getting hurt due to foreclosures. Most lenders are okay, except for those who have heavy presences in higher priced markets such as California, New York and Florida. As the quote below explains, there is movement toward allowing securitized loans to get beyond the $417,000 limit now in place for markets in which the average home is above that number.
(MLive.com, Sept. 10th): "A proposal pending in a U.S. Senate committee that would raise government home-loan limits in California and other high-priced markets could provide a life raft for thousands of East Bay borrowers caught between softening home prices and skyrocketing adjustable-rate mortgages, mortgage brokers say. The House-passed bill, HR 1427, would allow mortgage repurchasers Fannie Mae and Freddie Mac to securitize and sell loans of up to $625,000, or 150% of the conforming loan limit of $417,000, in areas where the median home price exceeds the conforming limit... DataQuick Information Systems: California's median home price was $478,000 in July."
Most markets, such as Tyler Texas real estate, are absolutely fine.
(MLive.com, Sept. 10th): "A proposal pending in a U.S. Senate committee that would raise government home-loan limits in California and other high-priced markets could provide a life raft for thousands of East Bay borrowers caught between softening home prices and skyrocketing adjustable-rate mortgages, mortgage brokers say. The House-passed bill, HR 1427, would allow mortgage repurchasers Fannie Mae and Freddie Mac to securitize and sell loans of up to $625,000, or 150% of the conforming loan limit of $417,000, in areas where the median home price exceeds the conforming limit... DataQuick Information Systems: California's median home price was $478,000 in July."
Most markets, such as Tyler Texas real estate, are absolutely fine.
posted by John and Flo Martin at 8:15 AM
0 Comments:
Post a Comment
<< Home