Just wanted to say hi to everyone. I'm still in New York. I'll be here until Friday evening. Then on Saturday I'll be back to work in California. Things have been pretty hectic over here. I've been waking up at 5am - New York time ( = 2am California time) to get work done over here. I added a new link on the right sidebar, "Calendar" which I'm going to use to just jot down some of the events that I have. If you'd like to get an idea of when I'll be free, you can feel free to check my schedule online at any time!
Now for today's top real estate stories.
Higher Loan Limits in '06. As many as perhaps a million home buyers will catch a slight interest rate break next year, thanks to one of the largest increases on record in the so-called conforming loan limit. Beginning Jan. 1, the ceiling on loans that can be purchased or securitized by Fannie Mae and Freddie Mac will jump nearly 16 percent, to $417,000. The current maximum is $359,650. The ceilings of government-based FHA and VA loans also will rise next year. The change in the Fannie-Freddie maximum means that buyers and refinancers who would have exceeded the old limit in 2006 will see their loans costs decline by from 0.25 to 0.5 percent, as long as they remain under the new ceiling. Click here to read more.
Action by the Office of Federal Housing Enterprise Oversight to increase the conforming loan limits for single-family mortgages purchased by Fannie Mae and Freddie Mac doesn’t do much to help California, say two of the state’s major real estate players. "While this is good news for many homebuyers, Fannie Mae's and Freddie Mac's new loan limits do not go far enough to benefit most homebuyers in California," says Vince Malta, president of the California Association of Realtors. "Conforming loan limits need to more accurately reflect the cost of housing in California, where the median price of a home is more than double that of the nation." The current median home price in California is $538,770, an increase of 17.2 percent compared to a year ago and more than 29 percent higher than the national conforming loan limit of $417,000. In addition, California has 19 counties with a median-home price above the national conforming loan limit. Click here to read more.
As many economists worry about a slowdown in the residential real estate market nationwide, a Southern California expert is confident the Coachella Valley’s red-hot housing market will continue to perform well in 2006. Why is he optimistic and what does it mean if you’re a buyer, seller or investor? Check out the analysis compiled by Patrick Veling, founder and president of Real Data Strategies in Brea, Calif. Click here to read more.
~Tina Jan~
Coldwell Banker Kivett-Teeters
1655 E. Sixth St.
Beaumont, CA 92223
Work: 951-845-5520 Ext. 105
Fax: 951-845-4916
Cell: 909-446-2666
Toll-Free: 1-877-TINAJAN
tina.jan@coldwellbanker.com
www.tinajan.com
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