FHA Dropping Upper Loan Limits
The Federal Housing Administration has announced that it is reducing its stake in the home market by dropping the upper limit for loans from $729,750 to $625,500 in around 650 counties nationally. This is primarily due to higher home prices, and the FHA says it will allow it to concentrate more on less wealthy homeowners.
Foreclosures Drop to Low Level
RealtyTrac reports that foreclosure filings dropped in November by 15% to a total of 113,454 properties. This includes default notices, auctions, and bank repossessions. This represents the biggest monthly decline since November of 2010, and it’s the lowest level of foreclosures since December 2006. Filings are down by 37 percent year-over-year.
Wheelbarrow for Mortgage Applications
Seven or eight years ago, before the housing and mortgage crash began, mortgage application files ran to about a hundred pages in length. Since the bubble burst, the size of the files has steadily grown, and lenders now report that an average mortgage application file runs to about 500 pages.