News:
The new FHA loan limits approved by HUD includes Santa Clara County. The new loan limits for FHA, Fannie Mae and Freddie Mac increased to the $729,750 cap. What does this mean for the Northern California real estate market? Increased opportunity for new and existing home buyers. The purpose of this increase in loan limits is to assist individuals who currently have “jumbo” loans (greater than $417,000) to refinance into lower and more affordable rates and payments. With the traditionally strong spring market, the new loan limits are expected to revive the Northern California market.
County Statistics:
For the first two months of 2008, the Santa Clara median price of single family homes was $761k, almost identical to the same period last year. Average prices actually increased 4% to $995k. On the negative side, the number of closed sales in the two month period was down 43% and the average time on the market increased 16% to 84 days.
Thursday, March 13, 2008
Subscribe to:
Posts (Atom)
