While it is true that for most parts of the country home sales are down, home sales for more expensive homes have had an even larger drop due to the higher interest rates for larger mortgages.  A Jumbo Loan was previously considered a loan of $729,000 or more.  The three main lending and home mortgage instutiions, FHA, Fannie Mae and Freddie Mac are considering lowering the Jumbo amount somewhere around $650,000.
A recent article by Walter Molony at realtor.org states that  “the latest existing-home sales data shows transactions under $400,000 are 3 percent below a year ago. However, sales of homes …read more

The country is doing its best to climb out of a recession and real estate recovery is at the forefront of the plan.  Home prices are at the lowest levels in years and mortgage rates are at historic lows, if you have the money to put down it is impossible not to consider purchasing a home.  The government and lending institutions  are doing what they can to instill faith in the real estate market and are giving buyers all the tools they need to succeed in their real estate investments.  The only challenge buyers face is qualifying for a loan, …read more

Forecasting the real estate market is far from an exact science. And while I happen to agree with the vast majority of folks who are predicting another rough year, not everyone sees gloom and doom in 2008.