I’m neither Democrat or Republican, but this video explains a lot on how our real estate housing market and current economic crisis came about. You’ll probably need to use the pause button throughout the video since it moves fast… watch it and post up your thoughts and comments.
Freddie Mac is doubling the amount of money it pays loan servicers for each successful mortgage workout among other measures to keep struggling borrowers out of foreclosure.The mortgage financier is also giving more time to negotiate workouts in states with fast foreclosure processes and will reimburse servicers for door-to-door outreach.
Freddie will pay $500 for each repayment plan and $800 for each loan modification on Freddie-owned mortgages. Servicers will receive $2,200 for each short sale where Freddie accepts less than the full amount owed on the mortgage.
In some states and Washington, D.C., the government-sponsored entity will give up to 10 months from the due date of the last payment to find sustainable workouts for strapped borrowers. These states allow a lender to foreclose in less than 10 months.
These new policies go into effect TODAY, August 1st.
These new loft condominiums will blow you away. They’re Kenyon Square condos in Washington, D.C. Just footsteps away from the Columbia Heights Metro. The convenient first-floor retail includes Starbucks, BB&T, Georgetown Valet, Radiance MedSpa, d’vines fine wine & beer, Royal Blue Mediterranean Bistro, FedEx Kinko’s and The Heights, a top-notch restaurant from the owners of Logan Tavern. Unit features include: Open floor plans by award-winning architect, Gas cooking, Stainless steel appliances including large capacity refrigerator with bottom-load freezer, Microwave, Full-sized, stacked washer dryer, Walk-in closets, 2-panel contemporary doors with lever-set hardware, Minimum 9′ ceilings in living areas, “Volume lofts” with nearly 20-foot ceilings,Hardwood floor in living room, dining rooms, kitchen, and foyer, Ceramic tiled bathrooms, Berber carpet in bedrooms, lofts, and dens, The latest technology for structured wiring and high-speed internet, Cable, telephone, and internet outlets in every room, and Full and French balconies and terraces. In addition, the exciting new DC USA retail and entertainment center, to be located adjacent to the Columbia Heights Metro Station, will feature Target, Best Buy, Washington Sports Club, Bed Bath & Beyond, and many other retailers.
One Bedroom:
616 – 904 sq. ft.
$354,000 - $498, 900
One Bedroom with Den:
828 sq. ft.
$465,000 - $480,500
Two Bedroom / Two Bath:
982 to 1,181 sq. ft.
$549,500 to $689,900
Two Bedroom / Two Bath with Den:
1129 - 1,243 sq. ft.
$661,900 - $709,000
Two-Level Loft Units:
1,111 to 1,226 sq. ft.
$616,500 to $646,000
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Since record keeping began in 1963, sales of newly built homes dropped at the steepest pace throughout the country over the course of 2007. New home sales numbers totaled 774,000, which was 26% less than 2006 new home sales according to the Commerce Department. The 9.6-month supply of new home inventory for sale is a record. Since the July 2005 peak, the sales of new construction homes have plummeted 57%, and permits for construction have dropped nearly 50%. New home builders are rapidly cutting production which will help reduce the housing supply throughout the nation.
The DC Metro area is one of top hot spots for new home builders because of the high paying salaries and strong job growth. So what does this mean for home buyers? Well, for starters, the glut of new construction homes in Northern Virginia and Washington DC are breaking builders’ banks. It is a prime opportunity for savvy home buyers to scoop up good real estate at highly incentivized (apparently not a word according to spell checker) prices! Deals that were unheard of for the past 5 years (such as 6% home buyer incentives and 2 BR+den new condos in Arlington VA for $339k) are now available in highly desirable areas of Northern Virginia real estate. Many people remain pessimistic about the current DC real estate market, but the way I see it… how does the saying go- “one man’s loss is another man’s gain”… builders are hurting, so shoot ‘em while their wounded! (sorry builders). Just like foreclosures- if the seller is distressed, the buyer will be blessed (I made that one up ;).
Right now, I am informing my buyer clients that it is a great time to look for new construction homes and foreclosure homes (I’m a Northern Virginia & DC Realtor in case you didn’t know). With the builders’ incentives and highly motivated bank foreclosures, I’ve seen some pretty good deals recently that a lot of resale homes cannot compete with. Unless a seller purchased their home prior to 2003, they most likely won’t be selling their home for a profit (after selling costs) and will have less room to negotiate. That being said, if you are looking to buy a home and would like a professional to help you locate some good new home construction or foreclosure deals, give us a call at 1-888-998-ZILL (9455) or sign up for our free foreclosure list at the top of the page.
President Bush and Congress have agreed to raise the conforming loan limit until the end of the year as part of the $160 billion Economic Stimulus Package. The increase in loan limits could also tighten lending standards for borrowers by increasing down payment amounts or credit history screening. The details will be interesting to see once they are released. Fannie and Freddie will now be able to guarantee loans of up to 125 percent of the median home price of each region. According to the Stanford Group of the National Association of Realtors, the estimated conforming loan limit for the Washington DC real estate region will increase from $417,000 to $547,500. For the official amount, the Department of Housing and Urban Development (HUD) will have 30 days in which to publish the median price of each region after President Bush signs the stimulus package.
The new conforming loan amounts will help struggling home owners refinance their jumbo loans into a safer, conventional mortgage with more favorable interest rates. This will also make housing much more affordable in higher-cost areas like Northern Virginia and the DC Metro area, and give first time home buyers looking for a 2 bedroom condo in North Arlington or townhouse in Fairfax VA a little more cash flow!
Estimated conforming loan limit increases by region:
Metropolitan area
Median price Q3 ‘07
Estimated new limit
Anaheim-Santa Ana, Calif.
$700,700
$729,750
L.A.-Long Beach-Santa Ana, Calif.
$588,400
$729,750
San Diego-Carlsbad-San Marcos, Calif.
$589,300
$729,750
San Francisco-Oakland-Fremont, Calif.
$825,400
$729,750
San Jose-Sunnyvale-Santa Clara, Calif.
$852,500
$729,750
Riverside-San Bernardino-Ontario, Calif.
$377,000
$471,250
Sacramento-Arden-Arcade-Roseville, Calif.
$335,700
$419,625
Barnstable Town, Mass.
$400,600
$500,750
Boston-Cambridge-Quincy, Mass.
$414,700
$518,375
Boulder, Colo.
$367,500
$459,375
Bridgeport-Stamford-Norwalk, Conn.
$491,100
$613,875
Miami-Fort Lauderdale-Miami Beach, Fla.
$346,800
$433,500
New York-Northern N.J.-Long Island, N.Y./N.J.
$476,100
$595,125
New York-Wayne-White Plains, N.Y.
$550,900
$688,625
Edison, N.J.
$391,800
$489,750
Nassau-Suffolk, N.Y.
$470,000
$587,500
Newark-Union, N.J./Penn.
$459,700
$574,625
Seattle-Tacoma-Bellevue, Wash.
$394,700
$493,375
Washington D.C. Arlington-Fairfax VA/MD/WV
$438,000
$547,500
Source- National Association of Realtors, Stanford Group
***Update - since this article was written, the Conforming loan limit in the Washington DC region has increased more than expected to $729,750!… read more
As one of the exceptional new condos in Washington DC,Ten Ten Mass is the definition of super luxury. Located in the heart of Washington DC real estate, giving you convenient access to everything. When you walk through the doors and step into the lobby, a whole new world opens up. The feel of peace overwhelms you as your eyes scan the lobby of elegance. This 14 floor hi-rise condo gives you breathtaking views of the DC city. This is one of my favorite condo buildings in Washington DC. Some of the features include: rooftop pool, secured underground garage parking, 24-hour front desk, floor-to-ceiling windows, hardwood floors, granite countertops, private balcony/terrace (per plan), GE Profile stainless steel appliances, soaking tubs (per plan), open kitchen, and 9,000 sqft of retail! The one bedrooms start in the $400’s and the 2 bedrooms start in the $500’s.
To view these unbelievable DC condos, contact us at 888-998-9455 or info@homezill.com and receive 2% cash back when buying any condo at Ten Ten Mass (1010 Mass).
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Freddie Mac is doubling the amount of money it pays loan servicers for each successful mortgage workout among other measures to keep struggling borrowers out of foreclosure.The mortgage financier is also giving more time to negotiate workouts in states with fast foreclosure processes and will reimburse servicers for door-to-door outreach.
(10 votes, average: 4.8 out of 5)
Since record keeping began in 1963, sales of newly built homes dropped at the steepest pace throughout the country over the course of 2007. New home sales numbers totaled 774,000, which was 26% less than 2006 new home sales according to the Commerce Department. The 9.6-month supply of new home inventory for sale is a record. Since the July 2005 peak, the sales of new construction homes have plummeted 57%, and permits for construction have dropped nearly 50%. New home builders are rapidly cutting production which will help reduce the housing supply throughout the nation.
President Bush and Congress have agreed to raise the conforming loan limit until the end of the year as part of the $160 billion Economic Stimulus Package. The increase in loan limits could also tighten lending standards for borrowers by increasing down payment amounts or credit history screening. The details will be interesting to see once they are released. Fannie and Freddie will now be able to guarantee loans of up to 125 percent of the median home price of each region. According to the Stanford Group of the National Association of Realtors, the estimated conforming loan limit for the 
