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Washington, DC - November 2, 2009 - (RealEstateRama) - The National Association of Realtors® thanked Congress for speedy action in passing a congressional resolution yesterday that would extend the current higher Fannie Mae, Freddie Mac and FHA loan limits through 2010. The present loan limits would expire at the end of 2009 and revert to previous lower limits.
"NAR commends both houses of Congress for their quick action in continuing these higher limits during a time for recovery in the housing market and national economy. The higher limits, along with the home buyer tax credit extension, are necessary to keep the markets moving at this critical time," said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth.
"Home sales have shown significant movement upwards in the past six months and reduced inventory in some segments of the housing market, but not in all. Home purchases in the middle-income and higher brackets have not moved much, and those markets must improve before we can experience a fully sustained housing recovery. These higher loan limits will help motivate qualified home buyers to purchase in those markets," McMillan said.
The resolution would extend the present loan limits for FHA, Fannie and Freddie through the 2010 calendar year at 125 percent of local median home sales prices, up to a maximum of $729,750 in high-cost areas. The floor for FHA is $271,050; the floor for Fannie Mae and Freddie Mac conforming loan limits is $417,000.
The resolution now goes to President Obama, and he is expected to sign it today or Saturday to avoid a government shutdown.
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
Contact:
Lucien Salvant 202/383-1176
| Paul Stillwaggon, For All Your Real Estate Needs Contact New Jersey Estates Real Estate Group E-mail: njestates@gmail.com Web: http://www.newjerseyestates.net 908-561-5492 (Paul S) 908-310-1358 (Cell) |
NJ Estates Real Estate Group Weichert Realtors 908-561-5492 55 Stirling Road, Watchung, N.J. 07069 |
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"Want to lower your Business Property Tax Appeal and lower your commercial property taxes?"
If you are serious about appealing your commercial property taxes, you'll want A definitive guide to Commercial Property Values and Adjustments to use for the type commercial tax appeal you need to engage in. Use our examples for your particular approach to valuation in order to Win your Business Property Tax Reduction Appeal.
Read all about it: http://www.housetaxax.com/comm.htm
| Paul Stillwaggon, For All Your Real Estate Needs Contact New Jersey Estates Real Estate Group E-mail: njestates@gmail.com Web: http://www.newjerseyestates.net 908-561-5492 (Paul S) 908-310-1358 (Cell) |
NJ Estates Real Estate Group Weichert Realtors 908-561-5492 55 Stirling Road, Watchung, N.J. 07069 |
Equal Housing Opportunity |
Current Listings Info
Luxury New Homes
Custom Build A New Home
Land & Building Lots
New Jersey Estates
All New Jersey Homes
Real Estate Listings Blogs
Real Estate Info Blogs
Open Houses & Directions
Our Testimonial Letters
Going Green/ Complete Info
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The Mortgage Professor's Web Site
"For both buyers and sellers, the purchase or sale of real estate should not be viewed as a do-it-yourself venture, it is most likely the largest investment of their life.."

I deal with all types of real estate and related issues, including: co-ops, condos, townhouses, taxes, foreclosures, leases, residential and commercial properties.
Did you ever need a quick reference?
If you haven't seen this site before go on it and have a look around. I have found it to be very user friendly.
http://www.mtgprofessor.com/mistakes_to_avoid.htm
Mistakes in Buying, Selling, Financing or Refinancing real estate could be devistating which could follow you for a very long time.

Paul Stillwaggon,
For All Your Real Estate Needs
Contact New Jersey Estates
Real Estate Group
E-mail: njestates@gmail.com
Web: http://www.newjerseyestates.net
908-561-5492 (Paul S) 908-310-1358 (Cell)![]()
NJ Estates Real Estate Group
Weichert Realtors
908-561-5492
55 Stirling Road, Watchung, N.J. 07069
Current Listings Info
Luxury New Homes
Custom Build A New Home
Land & Building Lots
New Jersey Estates
All New Jersey Homes
Real Estate Listings Blogs
Real Estate Info Blogs
Open Houses & Directions
Our Testimonial Letters
Going Green/ Complete Info
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The 15-year FRM this week averaged 4.36 percent with an average 0.6 point, down from last week when it averaged 4.46 percent. A year ago at this time, the 15-year FRM averaged 5.78 percent. This is the lowest the 15-year FRM has been since Freddie Mac started tracking it in 1991.
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