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The Federal Housing Finance Agency (FHFA) today announced that the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2017 will increase. In most of the country, the 2017 maximum loan limit for one-unit properties will be $424,100, an increase from $417,000. This will be the first increase in the baseline loan limit since 2006. In higher-cost areas, higher loan limits will be in effect.
Copy of the News Release on the FHFA website.
The snap shot shows a market where foreclosures and short sales opportunities are a very small aspect of the market. While home values are on the rise, the average days on market for a seller is 74 days in September. Overall there are improved opportunities for buyers looking to buy now as the inventory will be higher this quarter.
New article from Forbes.com concludes that Phoenix Arizona Real Estate prices are going up. This is one of those articles that makes you appreciate what Phoenix Arizona has become. The article looks at Single Family Rental Properties as well as Apartment developments through out Phoenix Metro Area..
At 5 p.m. EST June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.
CFPB Director Richard Cordray said in a prepared statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”
Rainier Title has been working towards the TRID implementation for over a year and felt prepared for August 1st. However, with the proposed delay we will be taking this opportunity to continue our education and training of TRID. While we believe that we have been proactive and ready for this change, there are still so many unknowns that will have to be addressed at the time of implementation. The industry should still prepare for 45-60 days for transaction to close due to the new timing parameters of the forms.
We’re working hard to be ready for all changes!
Active Home-Building Industry Will Lead to More Demand for Warehouse Space
Strong consumer spending and the rise in housing construction activity are currently the prime factors for the incredible rebound of the U.S. industrial real estate sector, and experts say as home buying continues to increase, so will demand for warehouse space. — From NRE Online
To Buy or Not to Buy: That Is the Developer’s Question
Director of ASU research center focuses on gathering, analyzing data Read the full article here from asunow.asu.edu
“Phoenix was a textbook case in the housing market crash in the not-so-distant-past, but things have certainly turned around,” the article states.