DFW Urban Realty

The new loan limits for FHA and Fannie Mae and Freddie Mac are now calculated at 125 percent of the HUD published median prices, with a floor of $271,050 and $417,000, respectively, not to exceed $729,750.

We expect the impact of these loan limit increases on the housing market to be significant because of the infusion of capital into the mortgage market, which should result in lower interest rates across the board. In addition, there will be a direct impact on high-cost areas that previously required borrowers to take out costlier jumbo mortgages.

As NAR research points out, increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of home ownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home. In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the housing finance market, which continues to be severely stressed, by providing an immediate infusion of much needed liquidity to the nation's mortgage market.

An economic impact study conducted by NAR in January 2008 estimated that increasing the GSEs' conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points.

National Association of Realtors


Dallas Fort Worth Real Estate

This afternoon Bush will be signing the economic stimulus package in hopes of bringing our national economy back on track. The stimulus package includes tax refunds to most households and tax incentives for business investment.

This package also promotes the GSE and FHA limit increase. The government is expecting an additional 300,000 homes sales from an increase in the GSE. The FHA loan limit increase is expected to allow an additional 138,000 Americans to purchase homes and over 200,000 will be able to refinance to a more secure and affordable loan program.

Dallas Texas Real Estate

The Collin County Association of Realtors recently reported good news for the DFW area. Sources indicate real estate market conditions might not be as bad as everyone thinks, especially in North Texas.

2007 A Relatively Stable Real Estate Market for Collin County and Surrounding Areas

2007 proved to be a relatively stable housing market for Collin County and parts of surrounding Dallas, Denton and Grayson Counties. Despite the national downturn, our local real estate market experienced only a small percentage of decline, according to the Collin County Association of REALTORS^® (CCAR) based on data from the North Texas Real Estate Information Systems' Multiple Listing Service.

The CCAR Pulse, which delves into the real estate markets of 35 communities in Collin, Dallas, Denton and Grayson Counties, reports that our area currently does not have an oversupply of homes as one might expect in a down real estate market. Rather, in the month of December, we maintained a balanced supply of homes and a steady mortgage rate.

While December's new listings and sales were down from a year ago, sales prices are holding strong with median sales prices down slightly by 2 percent and average sales prices up by 4 percent. Homes in our area also remain very affordable, with the affordability index at 134. This number indicates that the median family income is 134 percent of the income necessary to qualify to buy a median priced home with a 20 percent down payment and a 30-year fixed rate mortgage.

"We are expecting a very good year with the real estate market getting back to its traditional cycle of heavy activity in the spring and summer," says Jacob Narisi, 2008 CCAR president. "I strongly suggest that if anybody wants to sell or buy a home now is the time to start looking, spring is almost here."

Last year also saw the median sales price of homes increase, a trend that has been ongoing since 2002. Currently, the median price of a home in the area is $178,000, up 3.3 percent from 2006. In addition, houses were on the market an average of 73 days in 2007, which is up slightly from 2006, but still in line with what it has been for the last several years. In 2004, homes were on the market a lot longer, an average of 87 days.

"As you can see from the data, Collin County and surrounding areas have not suffered the major market adjustment as reported by the national media, nor have we been affected as much by the lending crisis. However, we have felt a small sting and we are working through it like everybody else," notes Narisi.

- Collin County Association of Realtors

Technorati Profile

You could receive as much as $2100.00 in tax rebates from the federal government for 2008.  This rebate is part of a federal simulus package intended to boost consumer spending.  For those looking to maximize the benefit received from the federal tax rebate, check out 6 Smarter Ways to Spend Your Rebate.  Suggestion include making an extra mortgage payment.  An extra payment of $1,000 today could save you $4,000 over the life of a loan on a 30-year fixed 7% rate.

Tax Rebate Proposed Schedule:

Married with 3 children - $2100

Individuals with Gross Income up to $75,000 - $600

Married Filing Jointly with an AGI up to $150,000 - $1200.00

Taxpayers with children receive additional $300/child

Workers who earned income of at least $3,000 - $300

Couples who earned income of at least $3,000 -$600

For More Information, visit:  Tax Rebate 2008


Dallas Texas Real Estate

The Most recent data indicates about 20% of subprime adjustable rate mortgages were ninety or more days delinquent as of November 2007, twice that of November 2006. Foreclosure were reported up 36% from 3rd quarter 2007.

Experts attribute foreclosure problems to abusive lending practices. The American Securitization Forum (ASF) and the Hope Now Alliance are leading the initiative to streamline the process for refinancing and modifying subprime adjustable rate mortgages. These groups have are proposing different solutions to bail out the mortgage industry such as issuing stricter regulations prohibiting abusive and deceptive practices in the mortgage market under the Home Ownership and Equity Protection Act (HOEPA).

For More information on the Current Mortgage Crisis and pending Proposals for Corrective Action, visit

Protecting Homeowners and Sustaining Home Ownership
Governor Randall S. Kroszner

Dallas Fort Worth Real Estate
Dallas Real Estate