For more and more people its too late to buy a home. Many buyers have been squeezed out of the market by both increasing prices and more stringent lending conditions and its getting more difficult. One reason is inflation. Half of the Federal Reserve quantitative easing that will ultimately result in inflation is used to purchase mortgage backed securities, keeping interest rates artificially low and prices on the increase. Many experts still say the sooner you get into the market the better because the increases will continue unabated for years to come.
FHA's Office of Single Family Housing published
Mortgagee Letter 2013-43 today, which announces that on January 1, 2014, FHA
will implement new Single Family loan limits for Mortgages as detailed in the
Housing and Economic Recovery Act of 2008 (HERA). As a result, the calculation of FHA's maximum
loan limits in high cost metropolitan areas of the country will be reduced and
the current high "ceiling" of $729,750 will be reduced to
$625,500.
The revisions will be effective for all FHA case
numbers assigned on or after January 1, 2014 through December 31,
2014.
Home
Prices:
Resale +18.3%, New homes +11.4% and Resale condos up 23.1%
Medium
Home Price:
$556,100 up from $455,500
Home Unit
Volume: Resale -17.4%,
New homes up 58.8% and Resale condos down
15.5%
Total Home Unit
Volume: Down slightly
from 3,296 to 2,918
Inventory: Currently at
5,880 versus 6,333 versus one month ago
$1
million Dollar Homes:
Represent 26.5% of all current listings
Foreclosures: Down 53.1%
versus last year
Average
OC Home Mortgage:
$2,584.97 up from $2,138.08 last year
30 Year Home
Mortgage Rate: Currently at
4.46% up from the 3.34% rate last year
Current Trends:
Home owners are using their new found equity to fix up their
existing home versus buying or selling, this has led to a construction boost for
past two months.
So don't get left as a life time renter. Control your destiny and call Grant today at 949-354-4464!
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