Sometime around October this year, conforming mortgage loan amounts will be decreased by approximately $104,000. Presently, any loan at $729,000 or below presently qualifies as a conforming loan amount under FNMA / FHLMC guidelines. That is presently a very healthy level. If you consider the drop in prices nationally and the proposed revisions that go in effect soon, those agencies are still being very accommodative to the real estate sector. Bottom line...........the bureaucrats are screaming.....PLEASE buy a home.
With rates this low, houses plentiful and inflation IMHO being mandated by Washington, housing looks quite interesting. My dad had a saying, "Nobody ever hits the bottom in any market.........just try to get close when you pull the trigger." Are we at the bottom? I don't know. Are we close? I know this much, we are closer now than we were last year.
Happy Hunting................Paul
