The Mortgage Bankers Association projects economic growth will continue to slow through the first half of 2008, but expects to see signs of a recovery by the second half of the year and resume "trend-like" growth as we head into 2009.
The National Association of Realtors Thursday said that any stimulus package must include an increase in the conforming loan limit, and urged the president and Congress to pass an FHA modernization bill.
The Feds just cut rates 3/4% which is the biggest change in a long time, this will indirectly affect the credit and mortgage rates.
Today a $150 billion economic stimulus package was unveiled by President Bush. The president’s plan to stimulate economic growth would reportedly rely on tax cuts and incentives for individuals and businesses, with about $100 billion in relief such as tax rebates targeted to families and individuals.
Fannie Mae just changed guide lines for conforming mortgage loans as of January 18, 2008. This will affect all conforming loans requiring an additional 5% down payment for purchase loans that are conventional financing. There are many special programs good for low down payment buyers and 1st time buyers, government and state programs, etc. Please go to Financing & Mortgage info for more information.
The real estate climate is changing to tougher qualifying guidelines to prevent future foreclosures, interest rates will drop by February, the prices will level out in the 2nd half. The affordability for a buyer is the best it could be over the next few months. Don’t miss this opportunity before the rates go up again along with the home prices,to lead the U.S. out of the potential recession. If you would like to view all homes, condos or bank owned foreclosures (REO) listed for sale, please visit our website at: County Properties Real Estate.