Archive for the ‘Condos’ tag
An Upturn This Summer
Market update: Things have changed since the summer. Below is an article I wrote back in June. Most of us were optimistic then, but we are not out of the woods yet.
Mortgage Restrictions Eased
Below is a reprint of an article recently featured in my monthly newsletter.
Subsequent to reading this, I asked a lender whom I respect to comment. His comment was not as positive as I had hoped, as he brought up the fact that with PMI (private mortgage insurance) still being required on loans with less than 20% down, tighter lending restrictions would still apply.
Nevertheless, I share this with you.
_____________________________________________
Source: The National Association of Realtors®; Realtor.com
Existing-home sales slowed in April, partly because restrictive lending practices hampered home buyers. At the same time, a greater number of areas are showing sales gains from a year ago and a recent reversal in mortgage policy means the market is better positioned for a turnaround, according to the National Association of Realtors®.
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the good news is that mortgage restrictions have just been eased. “In the past week, Freddie Mac and Fannie Mae announced that they were eliminating their ‘declining market policies, effective June 1,” he said. “This means consumers across the country will have access to safe, affordable financing with downpayments of only 5 percent on most mortgages, with 100 percent financing available on some loan products, and we could see an upturn in home sales this summer.” Read the rest of this entry »
