Eventhough the Phoenix MSA isn’t considered a “high cost” area, our FHA loan limits were increased from $263,150 to $346,250! Hopefully the loan limit increases around the country will help convert sellers to buyers. (Thanks for the help Dru!)
Anybody think Jan. 2008 will be considered the bottom of our market?
Don’t know about the bottom of the market, Phil. But to me it looks like the FHA limits were raised about $70K. Am I missing something?
Dru, thank you for clarifying. Clearly I was missing something! My post does not address the fact that our loan limits went from $263,150 to $346,250. I will add some clarification! Thank you.
Quick question: What is the proper blog etiquette for changing posts? I know the strikethrough is used to take out words, but what is used to add words?
Phil,
If it’s a typo type change, I’d just do it.
Strikethrough is also used.
I’ve also seen:
UPDATED 3/6: xxxxx
Good to know – thanks again!
I agree with Dru, I don’t think we will see the bottom of the market for another 4-6 months but we are close. Can’t you just feel the energy?
D.Patrick -
We can definitely feel the energy! Our sales numbers for February are up to their highest levels since June of last year. ARMLS had almost a 20% increase in sales compared to last month – with fewer days!
The thinking around here is that as far as volume goes, January ‘08 with 2,900 resales looks like the bottom. Of course, it will take until next winter/January (because of the normal seasonal cycles) to know for sure, but the energy is definitely encouraging. See you at the next Scottsdale meeting!
[...] active listings in the same bracket and that’s a 7 month supply. We’d say the FHA loan limit has A LOT to do with [...]