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What to happened in 2013 and what to expect in 2014 for Real Estate
Check out our newest listing! A beautiful home in San Bernardino…a must see!
Today, we had a big announcement from the Federal Housing Finance Agency (FHFA). To our relief they have announced that the maximum conforming loan amounts for 2014 will remain at the 2013 limits.
There had been much discussion on the possibility of reducing the loan limits for conforming loans which would have been a wet towel on our current housing recovery.
Here are the conforming loan limits just announced today for 2014.
|County Name||State||CBSA Number||One-Unit Limit||Two-Unit Limit||Three-Unit Limit||Four-Unit Limit|
|SAN BERNARDINO||CA||40140||$ 417,000||$ 533,850||$ 645,300||$ 801,950|
|RIVERSIDE||CA||40140||$ 417,000||$ 533,850||$ 645,300||$ 801,950|
|ORANGE||CA||31080||$ 625,500||$ 800,775||$ 967,950||$ 1,202,925|
|LOS ANGELES||CA||31080||$ 625,500||$ 800,775||$ 967,950||$ 1,202,925|
|SAN DIEGO||CA||41740||$ 546,250||$ 699,300||$ 845,300||$ 1,050,500|
Distressed California Homeowners May Qualify for California’s Keep Your Home California Transition Assistance Program (TAP)
If your financially distressed California clients can no longer afford their homes and are pursuing a short sale or a deed in lieu of foreclosure, they may be eligible for financial help with their relocation to alternative housing.
The funds come from the Transition Assistance Program (TAP), part of the Keep Your Home California Program.
The state of California is providing up to $5,000 in transition assistance to qualified homeowners who can no longer afford to stay in their homes. You can help by advising your distressed clients that they must:
For qualified homeowners, these state funds may be used in addition to any other transition assistance that the homeowner may receive by participating in the Federal Home Affordable Foreclosure Alternatives (HAFA) program or in any other pre-offer short sale program.
To learn more about the Transition Assistance Program’s guidelines, and how your clients may qualify, please visit that program’s website at http://keepyourhomecalifornia.org. You can also direct your clients to call 1.888.954.5337 and identify themselves as Bank of America customers.
California Sales Drop
Buyers signed fewer contracts for homes in California last month, as higher mortgage rates hampered demand, according to a new report.
Pending home sales fell 5% in August from July, the California Assn. of Realtors said Monday. The group’s pending-sales index dropped 9% from last year. The index represents contracts signed but not yet closed — a sign of future market activity.
“Rising interest rates over the past several months at the specter of a tapering of the Fed’s stimulus program sent buyers to the sidelines in August,” the association’s chief economist, Leslie Appleton-Young, said in a statement.
Still, Appleton-Young said the Federal Reserve’s decision last week to maintain its massive bond-buying program should send mortgage rates lower, helping out prospective buyers.
Freddie Mac’s survey of lenders — taken before the Fed’s announcement — showed the average rate for a 30-year fixed mortgage dropped to 4.5% last week, from 4.57% a week earlier.
Though mortgage rates may take a breather for the moment, economists predict that the Fed’s announcement will only delay an eventually rise to 5% or higher.
The Realtors group also said inventory expanded slightly in August, although it remains extremely tight. The supply of non-distressed homes for sale inched up to 3.1 months in August, from three months in July.