Good News is Pending but, seemingly on its way!
Some of you may have heard this already, but I thought it was worth repeating.
According to statistics presented by Charles McMillan, the 2008 President-elect of NAR at the CAR Board of Director’s meeting in Indian Wells, California, the changes in loan limits and easing of some guidelines will:
1) There will be approximately 210,000 fewer foreclosures
2) Buyers will save $3000 - $5000 in mortgage interest every year on average
3) There will be over 500,000 refi’s over the next year, reducing the number of foreclosures
4) The increase in activity and sales will reduce the time on market for property by 1-5 months.
5) The median sales prices will increase by 2-3% over the next year.
6) The increase in loan amounts will add $44 billion in economic impact.
7) The long run impact is an easing of loan and credit restrictions across the board
Among the possibilities of what this means is when the loan limits increase more buyers will be coming out to take advantage of the historically low rates. There will be fewer short sells and distress sales because owners will be able to refinance out of their bad loans to FHA loans due to easier credit standards. So, buyers & homeowners need to get pre-approved to be ahead of the game, I will help you & your referrals in any way I can...Feel free to contact me with any questions.

Mark Thomason
408.850.3085
Silicon Valley & Sunnyvale Real Estate Professional
Re/Max Real Estate Services