Houses for Sale in San Diego

Houses for Sale in San Diego - Federal loan limits which were increased by Congress three years ago to help high cost states such as California are set to expire on Saturday, October 1, 2011. The majority of banks have stopped making loans at the higher limits months ago in anticipation that Congress would not vote to extend them any further. And it appears they may be right.

It seems very unlikely that Congress will extend the loan limits given their desire to reduce the government’s exposure in the mortgage market and the cost of failed mortgages to taxpayers.

The loan limit determines the maximum size of a mortgage that the Federal Housing Administration, Fannie Mae and Freddie Mac can buy or guarantee. These so-called nonconforming jumbo loans that are provided by the private mortgage market usually require bigger down payments
and carry a higher interest rate, which ultimately drives up the borrower’s monthly payments.

Loan limits in California’s highest cost areas are expected to be reduced by $151,250. This will not be good news for the already struggling housing market as would be FHA and Fannie Mae buyers are forced to stop looking for houses for sale in San Diego.

For information about houses for sale in San Diego please contact Broker Russ Petrone with Petrone Properties Real Estate Associates at (858) 775-1812 or visit us at www.PetroneProperties.com

Technorati Tags: Fannie Mae, fha, Freddie Mac, Houses for Sale in San Diego, San Diego Real Estate Market

Tags: Fannie Mae, fha, Freddie Mac, Houses for Sale in San Diego, San Diego Real Estate Market

Houses for Sale in San Diego- Unemployment inched up in San Diego last month, however local economists are not worried. That’s because unemployment typically rises in July anyway, and the one-tenth of one percent rise is less than in previous Julys. Midsummer unemployment usually spikes due to students entering the workforce, summer time employment and education related transitions.

Neither USD economist Alan Gin nor Point Loma University economist Lynn Reaser think that San Diego is headed back into recession. So far there have been 16,800 jobs created in San Diego County and at this pace 2011 job creation could double last year’s 10,000. “We are still digging our way out of a very deep hole, but we are coming out of it,” Reaser said. “In a couple of years , it looks like we will have regained about half of the job losses.”

It’s a great time to consider buying San Diego homes for sale in the county with interest rates at historic low rates. Contact the expert Realtors at Petrone Properties Real Estate Associates for more information at (858) 259-1000 or at www.PetroneProperties.com.

Technorati Tags: first time home buyer, Houses for Sale in San Diego, mortgage rates, san diego economy, san diego realtor

Tags: first time home buyer, Houses for Sale in San Diego, mortgage rates, san diego economy, san diego realtor