WASHINGTON – April 28, 2011 – More buyers in high-cost areas may be motivated to purchase a home before an Oct. 1 deadline when the government plans to scale back the size of “jumbo” mortgages it guarantees in costly real estate markets.
On Oct. 1, the maximum loan amount that Fannie Mae and Freddie Mac accept is set to decrease from $729,750 to $625,500. This might make mortgages more expensive or more difficult to get for buyers in high-cost areas, MSNBC.com reports.
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People are scrambling for these high end houses.
I still think they will decrease in value. They are decreasing at a higher rate than the national average.
Since people are trying to buy them is proof that the economy is recovering and confidence is back.
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Read more at:
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259292
On Oct. 1, the maximum loan amount that Fannie Mae and Freddie Mac accept is set to decrease from $729,750 to $625,500. This might make mortgages more expensive or more difficult to get for buyers in high-cost areas, MSNBC.com reports.
---------------------------------
People are scrambling for these high end houses.
I still think they will decrease in value. They are decreasing at a higher rate than the national average.
Since people are trying to buy them is proof that the economy is recovering and confidence is back.
----------------------------------
Read more at:
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259292
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