Here are the basics of the latest mortgage bailout initiative from Fannie Mae and Freddie Mac that was announced today by the Federal Housing Finance Agency. To qualify, borrowers must: Have a loan owned or guaranteed by Fannie or Freddie. Owe 90% or more than the home is worth. Be 90 days or more behind…
Ask the Industry Insiders Why “It’s a Great Time to Buy”
I’m in the process of sending interview requests to some of our area’s prominent industry insiders that we frequently see quoted in the local media proclaiming that “now is a great time to buy” or other such sales pitches. We give these people a hard time on here for their comments in the local press,…
Seattle Bubble: Hindering the Market?
Seattle Bubble scaring away buyers, sellers and refinance consumers? I’m really not convinced Marlow Harris of Coldwell Banker Bain feels that Seattle Bubble is all about fear mongering and scaring the public away from buying a home. I know she mentioned it, but I don’t believe it. Marlow and many other agents and loan officers…
Government Loan Limits Lowered $60k for Seattle
As astute market observers may recall, back in March (pre-complete-government-takeover) the conforming loan limit for Fannie Mae and Freddie Mac-backed loans was bumped from $417,000 to $567,500 for the Seattle area (King, Pierce, and Snohomish counties). At that time, the local press was touting the new limits at “a big dose of first aid” and…
Local Discount Real Estate Service Showdown
As the housing market has slowed dramatically from the heady boom years of 2005 and 2006, the number of discount real estate brokers has been on the rise. While Redfin made a big splash in 2004, and continues to be the discount market leader, as the market tumbles other competitors continue to crop up. As…