OFHEO (Office of Federal Housing Enterprise Offersight) confirmed that most of California, including Orange County, will max out for the new conforming loan limits at $729,750 vs. the current $417,000. Will this mean the same low rates for South Orange County Real Estate purchases as we’ve seen for the “old” conforming loans (around 5.5%)? Not exactly. Buyers will probably see a “laddered” system of at least 3 rates for the new “Jumbo Conforming” loans. But every bit helps. See the county list here: http://www.ofheo.gov/media/hpi/AREA_LIST.pdf. You can also enter a specific county on the HUD website at: https://entp.hud.gov/idapp/html/hicostlook.cfm
This news has lead to more Buyer activity from what we’re seeing. Open House activity has been brisk and we are seeing multiple offers on some homes (12 offers on one!). More demand should help Sellers, at least those who have adjusted to the new lower sales prices.
As always, stay tuned as trends are changing almost daily.
To Search All Homes On The Market Simply Click Below
{ 0 comments… add one now }
You must log in to post a comment.