| Greetings,
Enclosed please find a summary of current sales data and local topics... |
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SPUR Forum |
312 Sutter Street, 5th floor, from 12:30 - 1:30 Free to members; $5 for the public Click here for a complete calendar of all events. Tuesday, Dec. 2 The financial crisis and infill development 12:30 - 1:30 p.m. @ SPUR What will the economic downturn mean for market rate and affordable in-fill housing development in the Bay Area? Join some of San Francisco's foremost experts in housing development and finance - including Jesse Blout of Goldman Sachs Urban Investment Group, Chris Meany of Wilson Meany Sullivan, Lydia Tan of BRIDGE Housing and Margaret Schrand of Wells Fargo Bank - as they explore what the future of our housing market may hold.. Source: SPUR.org |
| New "Conforming" Loan Limits |
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The Federal Housing Finance Agency (FHFA) on Friday announced that the "new" conforming loan limit for 2009 will remain at $417,000 for most areas in the U.S., unchanged since 2006. Loan limits for high-cost areas, including California, are capped at $625,500 (San Francisco), down from the previous $729,750 limit. Loan limits for many areas of the state do not reach this lower threshold and are dramatically reduced from 2008.
"The reduction in the loan limit to $625,500 will negatively impact both the interest rates and the availability of funds for jumbo mortgages.
The conforming loan limit determines the maximum size of a mortgage that Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac can buy or guarantee. Non-conforming or jumbo loans typically carry a higher mortgage interest rate than a conforming loan, increasing the monthly payment and negatively impacting affordability for households in California.
Source: California Association of Realtors |
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