Nationwide Real Estate Market About To Slide Further!
Like a carnival free-fall ride that stops suddenly, teasing riders into a false sense of safety before plummeting the rest of the way to the ground, some economists say the housing market could once again be headed for a plunge after slowly clawing back some of its 2008 losses.
A trio of gathering government storm clouds will be responsible for the drop that some predict could mean another 10% to 15% slump in prices, they say.
Three years after the peak of the real estate boom and the news is still buzzing with real estate news. Despite the bad news, real estate appreciation was actually reported across the nation in 2009, but it is doubtful for 2010
Increasing its loan standards may seem counter intuitive to anyone who is familiar with the function of the FHA, and the changes it is proposing will make getting a home loan a little harder.
Using the huge number of loan defaults, the FHA reasoned that raising the required down payment for buyers with the lowest credit, increased the PMI premiums for its loans, and reduced the amount of seller pre-paids and closing costs allowed.
Conventional loan programs are having a hard time placing loans with qualified borrowers, who are turning to FHA financing for easier loans
Due to these trends many borrowers are considering the FHA as their only source available for financing their home purchases, which means the government will be backing even more loans than the already burdened Fannie Mae and Freddie Mac do. With conventional loan sources completing fewer and fewer loans on a daily basis, the necessity for FHA loan programs is increasingly supporting and boosting our real estate market and our economy in general. In a market where every cent can be important, utilizing FHA financing may be the best way home buyers can successfully navigate the tough world of real estate.
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