So just when you saw things picking up for your Real Estate business...
NAR is urging members to contact Congress to make the current FHA mortgage loan limits permanent, as they are about to expire this fall. (September 2011). If all goes as planned, this will reduce limited in 619 counties, 41 states and the DC area. There is a pressing concern that this only assists higher cost areas.
Some wonder and some worry that this will affect housing demand and cause a spiraling downturn in pricing in the next few years.
This is not the news we wanted to hear after the patient (the real estate industry as a whole) has been on proverbial life support through Government stimulus efforts and various "creative" solutions.
The "Call for Action" Center has been established for National Association of Realtors Members to act now regarding this important issue. Click Here to urge your Senators and your Representative to make the current limits for FHA and conventional loans fixed.
(courtesy of National Association of Realtors)
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