Roberta's Las Vegas Real Estate Blog: Las Vegas - More Mortgage Money Available

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!

Comment balloon 2 commentsRoberta LaRocca • March 19 2008 01:59PM

Comments

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.  
Posted by Michael Del Greco, Since 1993 I've Been Working For NJ Home Buyers (New Jersey Home Inspection ) over 11 years ago

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.

Posted by Roberta LaRocca, REALTOR®, Broker, Salesperson, Property Management (Simply Vegas Real Estate) over 11 years ago

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