Time To Remove The Limits Placed On Fannie Mae and Freddie Mac So That They Can Guaranty More Loans
Posted Sep 25, 2007 @ 9:08 pm, Viewed by 1696 Visitors, Read 1778 Times..jpg)
It is that time of the week again. Time to look at the homes that are actively for sale in the Midtown Direct towns. In the past few weeks we started to see inventory and days on market starting to build again. This week continues that trend. It is not that a over abundance of homes are being listed, it is just that the banks are not lending and so many people who should be able to get a mortgage cannot, and many people have been so frightened by the news media, that they will not even look at homes.
The Federal Reserve has cut interest rates one half of a point so far. What good does this do though if the banks will not lend? Interest rates could be at zero but if the banks will not right loans to the average American it just will not matter.
This weeks New Jersey Real Estate numbers:
| Active Listings | Town | DOM | Av - Price |
| 146 | Morristown NJ | 94.5 | $ 504,897.00 |
| 155 | Morris Township | 81.2 | $ 820,822.00 |
| 74 | Madison NJ | 69.1 | $ 797,800.00 |
| 111 | Chatham NJ | 73.3 | $1,098,971.00 |
| 49 | Florham Park | 93.7 | $ 705,466.00 |
| 274 | Parsippany NJ | 78.7 | $ 403,743.00 |
| 111 | Short Hills / Millburn | 95 | $1,684,606.00 |
| 139 | Maplewood NJ | 71.5 | $ 512,695.00 |
| 112 | South Orange NJ | 79.4 | $ 705,104.00 |
| 146 | Livingston NJ | 94.5 | $ 875,687.00 |
| 133 | Summit NJ | 70.3 | $1,131,536.00 |
| 55 | New Providence NJ | 72 | $ 647,062.00 |
Data from gsmls: Morris County, Essex County, Union County New Jersey
From Summit to Morristown the inventory is starting to build again. Summit is still a stronger real estate market then Morristown with Madison and Chatham being, literally and strength of their real estate markets, in between Summit & Morristown.
The congress and president need to step in and undo the problem they have created. The guaranty limit needs to be lifted from Fannie Mae & Friedy Mac, currently set at $417,000. Any loan above this amount is considered jumbo loan and by the congress and presidents tinkering cannot be guarantied by Fannie Mae or Friedy Mac. If a loan is not guarantied by one of those two government backed agencies currently the interest rate will likely be almost a full percentage point higher than a non jumbo loan.
Want to help yourself and everyone else, tell your Senator, and Representative to remove the limits placed on Fannie Mae & Friedy Mac so that they can guaranty more loans.
I have given you the links to New Jersey's US Senators Contact Pages. Please use them to get them motivated to work on this problem.
Thank you for helping,
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Social Bookmarking3 Responses to “Time To Remove The Limits Placed On Fannie Mae and Freddie Mac So That They Can Guaranty More Loans”
James Boyer
I think that most of our Senators and Representatives are just plain clueless when it comes to how the crazy things they push through affect the economy. It is almost like they need a disaster to ever get together and do the right thing for America.
Wow, something must be up with REW blogs, as today this is showing up in the new blogs list as having been published in the last day. I still believe that these caps should permanently be lifted.
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James Boyer, is a resident of Morris Township in Morris County New Jersey and Specializes in listing and selling homes in Morristown, Morris Township, Madison, Florham Park, Chatham, Summit, Short Hills, Millburn, Maplewood, & South Orange New Jersey and Morris Essex & Union County Real Estate. Read More
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I definitely agree. Something needs to give before we get into a situation, if we aren't already, that is unrepairable. I think every national builder already lost all of the gains they enjoyed last week. You said it perfectly "What good does this do though if the banks will not lend?" As a long-term solution, the government needs to start educating consumers about credit and its importance to a well rounded financial life. We're more focused on fixing problems than preventing them. Here's a good article written by one of our writers about repairing or maintaining credit 5 Tips to Keep Your Credit Clean. Jayson Gibson Search Arizona Real Estate .