Ever wonder if idiots ruled the world?  As if you needed more proof, here's some.  As of January 1, 2009, the FHA loan limits for the Charlotte area decreased from $303,750 to $271,050.  Additionally, buyers will need to have at least 3.5% down to qualify for an FHA loan. 

In November, 1,026 homes sold in the Charlotte area below $303,750 and only 191 sold above.  Using those figures to calculate supply, there is a 11.48 month supply of single family detached homes in the Charlotte area below $303,750 and a 35.85 month suppply of homes priced above.

This bonehead move will only search to weaken Charlotte's and many other cities markets. 

Jonathan Osman

Charlotte NC Homes