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Las Vegas - More Mortgage Money Available

You may have heard that there was less funding available for mortgages.

Today the Office of Federal Housing Enterprise Oversight announced that they reduced capital requirements and removal of portfolio caps for Freddie Mac and Fannie Mae. It will free up to $200 billion in funds available for home lending immediately, and more though the rest of 2008.

The press release PDF is here.

This helps those looking to pick up one of the great home values available today, before they're all gone. Not only in Las Vegas, but across the country, and for those hoping to sell to relocate to the Las Vegas Valley and elsewhere.

If you are interested in relocating to Las Vegas or would like information on Las Vegas real estate, please email me roberta@search4lasvegashomes.com or call me at 702-354-8988. I look forward to hearing from you!

Posted by Roberta LaRocca - REALTOR® Las Vegas on 03/19/2008 01:59 PM

Comments (2)

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2 Comments on Las Vegas - More Mortgage Money Available

The lack of mortgage money is a real problem. I guess the root of the problem is wall street already made and pocketed all the commissions on all the deals so they have no concern about the damage they did to the economy as a whole. I am just can not understand how Bear Sterns went from $150 a share to $5 without one single rating agency NOT ONE even knowing a problem existed. Even Morningstar gave them FIVE STARS a few months ago. Putting some crooks in jail may send a message.

03/19/2008 02:08 PM

by Michael Del Greco (Accurate Inspections, Inc.)

Michael: Yes there has been a lot of fraud. Not only from the lenders, but also from the buyers, especially the flippers. The FBI is tracking them down.

http://www.cnn.com/2008/US/01/29/fbi.mortgage.fraud/index.html

This influx of available money will also help the refi market and slow the number of foreclosures. Some good news for those with resetting loans. It should also help to stabilise markets and let owners hang onto their equity. For those looking to buy, it allows them to purchase while the low pricing is still there.

03/19/2008 02:31 PM

by Roberta LaRocca - REALTOR® Las Vegas (Keller Williams Realty The Marketplace)

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