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Before 2008, government-backed mortgages were capped at $417,000. That changed when President Bush signed the Housing and Economic Recovery Act and temporarily increased the maximum limit to $729,750 in areas with the most expensive housing. As Credit.com’s Christopher Maag reported in August, a group of senators introduced legislation seeking to extend that limit through 2013, but that bill was never passed.
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Though the new changes will affect only about two to three percent of the housing market, Reuters says, some in the housing industry wonder why anything that might reduce buying power is being done at all, given the market’s tenuous state. “Nobody wants to see anything that would cause even a single buyer to change his or her mind,” Keith Gumbinger, of mortgage information provider HSH Associates, tells CNN.
Image: wallyg, via Flickr.com
December 13, 2023
Mortgages