With the new FHA lending guidelines, record low interest rates and troubled sellers, you might be seeing a lot more activity in the real estate market. In the last month or so, my business has picked up considerably and I expect this trend to continue for several more months. Since the Conforming Loan Limit has been increased to $697,500 (based on 125% of the median San Diego home
price), many potential home buyers are getting their acts together.
2008 is on its way to being the most affordable time to own real estate in San Diego, since the beginning of this century. With home prices rewinding to what they were 3“4 years ago, home buyers are finally able to afford the American Dream again. And when you take into account the increased conforming loan limit, monthly mortgage payments are hundreds of dollars less now.
Saturdays Union Tribune highlights some of these issues and talks about how the new FHA role might save thousands of drowning borrowers. The article points out how much this will help people and the economy, but it also is quick to point out that this will not solve all the housing problems, but at least its a good start.
*Photo courtesy of the San Diego Union Tribune “ 3/15/08
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