The U.S. House and Senate yesterday restored FHA loan limits to the level they were at before they were allowed to expire at the end of September. As a result, the limits will rise to 125 percent of the area median home price from 115 Percent, up to a maximum $729,750, from $625,500. NAR estimates that several hundred counties where FHA loan limits fell at the end of September will now rise back up to the previous level.
“The reinstated loan limits will help provide much needed liquidity and stability to communities nationwide as tight credit restrictions continue to prevent some qualified buyers from becoming home owners and the housing market recovery remains fragile,” said NAR President Moe Veissi in a statement released last night.
Summit Sotheby’s International Realty is pleased to announce that David W. Johnson has recently joined Sotheby’s as their Managing Broker. David received his undergraduate and law degrees from the University of Utah. He has a very broad background in the real estate industry. David has managed his own title insurance and escrow company and is a past Director of the Utah Division of Real Estate. He is former legal counsel to the Utah Association of Realtors and to the Park City Board of Realtors. David has been primarily responsible for the development of most of the standardized real estate forms currently used by real estate agents and brokers in the State of Utah. David discontinued his law practice several years ago to accept an appointment as the
For owners of Rocky Mountain ski homes, the financial crisis was an avalanche. Prices in some Colorado resorts have fallen by up to 50 per cent from their 2007 highs. Even Aspen has not been spared, suffering an estimated 30 per cent fall. Now estate agents say there are signs that the market is bottoming out and buyers in the most desirable locations are enjoying what may prove the best conditions in years.
From the Financial Times - October 7, 2011
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INFO THAT HITS US WHERE WE LIVE...One result we care a lot about is a turnaround for new homes. We haven't attained it quite yet, with New Home Sales down 2.3% in August, at a 295,000 annual rate. This keeps them in the territory they've occupied since May 2010, but there were some good signs in the report. The inventory of new homes for sale fell to its lowest level on record. At the same time, the inventory of homes not yet started went up the most it has in nearly five years. Some economists say this may indicate home building is close to turning back up.
The FHFA index of prices for homes bought with conforming mortgages went UP 0.8% in July after a 0.7% hike in June. This key home price index is up 7.4% annually over the last three months, the fastest
Did you know banks can come after you for Deficiency Judgements after foreclosure?! If you are in the unfortunate position of considering a short sale, or near foreclosure, YOU NEED TO READ THS ARTICLE. We are surprised by how many people still think a short sale, or a foreclosure is the end of the mess and headache. It's not. In fact, it is often just a "time-out", and the lenders could come after you for the deficiency debt years down the road, maybe when you have finally become financially healthy again. This article form the Wall Street Journal is very informative, and eye-opening. If you are in this position, you really need to contact a lawyer who can analyze your individual situation. We can help with recommendations of lawyers if you need