Federal Increases Are Good News For Marin County Real Estate

The real estate industry is encouraged by the news that the Feds increased the ceiling on Fannie Mae and Freddie Mac mortgages from a $417,000 limit to $729,750.  Hopefully Thursday’s action will help boost the rather listless Marin real estate market.  Although the median price for a single-family Marin County home has appreciated, overall Marin home sales plummeted early this year, and foreclosures in Marin were at an all time high in 2007. Despite these numbers, Marin real estate has fared better than most other Bay Area communities; nevertheless, the availability of higher limits for conforming loans is very welcome.  With the new limits on conforming loans, homeowners just barely keeping their heads above water may be able to refinance and not loose their homes.  First-time buyers will have choices beyond a high rate “jumbo” loan (or even two loans) to borrow enough money for an entry-level home in Corte Madera or Greenbrae, a San Rafael condo, or a nice townhome in Novato.

While we can’t expect things to change overnight, the new program is a ray of sunshine for the somewhat beleaguered real estate market, and the future is looking brighter for homeowners caught in the mortgage crunch and those looking for their first home.

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