Recession in Richmond VA Real Estate?

What Happens When There is a Recession and No One Comes?

It looks like 73 out of 150 metropolitan statistical areas did not get invited to doomsday, showing increases in median existing single-family home prices from a year earlier, including 11 areas with double-digit annual gains and another 12 metros showing increases of 6 percent or more; 77 had price declines including 16 with double-digit drops.

It is believed that the Jumbo crunch last August has significantly slowed down the ability for one to purchasea in luxury & higher priced areas of the country.

NAR President Richard Gaylord says ,“Higher limits for FHA loans, which go into effect March 14, will be a big help to first-time buyers in high-cost markets.  Higher limits for conventional loans purchased by Freddie Mac and Fannie Mae will take a bit longer – when they become available, high-income, creditworthy borrowers in high-cost areas will have access to affordable and safer financing, and that will help unleash pent-up demand,” he says.

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