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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: David Jones who wrote (1078)	11/30/2001 6:34:25 PM
From: David Jones	Respond to of 306849

For those of us in Calif. has this article come to your attention? More Than 20,000 California Homebuyers to Benefit From Revised Fannie, Freddie Loan Limits biz.yahoo.com LOS ANGELES, Nov. 28 /PRNewswire/ -- California homebuyers will benefit from Fannie Mae's and Freddie Mac's announcements today that each will increase their single-family mortgage loan limit from $275,000 to $300,700 in 2002. ``Based on our 2002 sales projection, we expect that 353,700 sales in the state will fall into the price range implied by the higher loan limits, an increase of 23,500 homes over the 2001 loan limits,'' said California Association of REALTORS® President Robert Bailey. ``The $25,700 increase in the single family mortgage loan limit translates into an additional 20,200 California households able to take advantage of savings provided by having a Fannie Mae or Freddie Mac mortgage,'' Bailey said. Regionally, an additional 4,900 households in the San Francisco Bay Area and 9,200 households in the five-county Southern California region will benefit from the increased loan limits, according to C.A.R. economists. The C.A.R. statistics do not include refinance activity. ``Fannie Mae's and Freddie Mac's increased loan limits more accurately reflects the cost of housing in California,'' Bailey said. ``While the median price of a single-family home statewide was $272,570 in October, in some regions of the state median prices were significantly higher. ``Based on a typical 25 basis point spread between conforming and jumbo mortgage loan rates, a typical California homebuyer will save up to $18,300 over the life of a 30-year mortgage,'' he said. In some areas of the state, the recent spread between a conforming and jumbo loan has been as much as 40 basis points. Households in these areas could save up to $28,300 over the life of a 30-year mortgage. Fannie Mae and Freddie Mac also announced new limits for multi-unit loans for 2002: two-family loans to $384,900; three-family loans to $465,200; and four-family loans to $578,150. The California Association of REALTORS® ( car.org ) is one of the largest state trade organizations in the United States, with more than 97,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.