Recession in Los Angeles Co. Real Estate?

What Happens When There is a Recession and No One Comes?

It looks like 73 out of 150 metropolitan statistical areas did not get invited to doomsday, showing increases in median existing single-family home prices from a year earlier, including 11 areas with double-digit annual gains and another 12 metros showing increases of 6 percent or more; 77 had price declines including 16 with double-digit drops.

It is believed that the Jumbo crunch last August has significantly slowed down the ability for one to purchasea in luxury & higher priced areas of the country.

NAR President Richard Gaylord says ,“Higher limits for FHA loans, which go into effect March 14, will be a big help to first-time buyers in high-cost markets.  Higher limits for conventional loans purchased by Freddie Mac and Fannie Mae will take a bit longer – when they become available, high-income, creditworthy borrowers in high-cost areas will have access to affordable and safer financing, and that will help unleash pent-up demand,” he says.

What do you think?  We'd love to get your feedback.  Just use the "comment" link below to leave us your thoughts.  Your email address will never be published here to protect your privacy.