Ed's Blog

In a move only to be described as encouraging, Fannie Mae recently reversed its decision to automatically reduce the amount of loan you may qualify for, should you be interested in buying a property in a “declining market” or refinancing your home if it happens to be located in a declining market.

This decision comes on the heels of some other very positive indicators that the housing market is recovering. These include:

· Interest rates remaining low

· Interest Rates for Jumbo Conforming Rates on par with traditional conforming loans

· Lenders are starting to make exceptions to strict guidelines (though only in special cases)

· Bank Owned Properties are starting to sell once again

· Lenders have announced losses, but the losses are less than had been predicted

· Economic indicators such as stocks rallying have been positive

There are undoubtedly many arguments that the housing market is not quite out of the woods yet, but consider that many times, by the time we realize that it’s a good time to invest or refinance, the best opportunities have already come and gone.

What do you think?