Fannie Mae Makes it Harder for Condo Buyers

This article entitled “Fannie Mae adds restrictions for backing condo mortgages : WSJ – Update” appeared in the RTTNews on March the 18th, 2009. The staff writer wrote:

“Government backed mortgage finance company Fannie Mae (FNM) has enforced stricter guidelines for obtaining condominium mortgages, effective March 1, the Wall Street Journal reported Wednesday. The restrictions come at a time when the U.S. housing market is braced for a condo rush this year, and are expected to add pressure on developers struggling in the ongoing housing slump…continue reading the Fannie Mae makes is harder for condo buyers to attain loans article.

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Mortgage Rates Remain Steady

Freddie Mac reports that long-term mortgage rates held steady during the week ended August 7. Interest rates on 30-year fixed rate loans were unchanged from a week earlier, at 6.52%, but were down slightly from 6.59% at this time last year. Movement on borrowing costs for other types of loans was mixed, with the rate on 15-year fixed mortgages bumping up to 6.10% from 6.07% but the average interest on adjustable-rate products dipping. One-year ARMs dropped to 5.22% from 5.27%, while five-year ARMs settled at 6.05% compared to 6.07% last week.

It will be curious to see if these relatively unchanged mortgage rates trickle into the commercial real estate business. One thing is for sure though, the Nashville rental market is on fire!!

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April Home Sales Data – Nashville, TN

Nashville, TN home sales data

There were 2,135 home closings reported for the month of April, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 28.5% from the 2,989 closings reported for Nashville the same period last year.

Year-to-date closings are down compared to last year with 7,898. That is a 28% decrease compared to the 10,979 closings reported through April 2007.

There were 2,342 sales pending at the end of April, compared with 3,339 sales that were pending at the same time last year. The median residential price during April was $180,000 and for a condominium it was $162,000. That compares with median residential and condominium prices at this time last year of $177,900 and $163,900 respectively.

The average number of days on the market for a single-family residence was 80 days. Inventory at the end of April was 24,670. That compares with an inventory of 20,129 at the end of April 2007.

These increasing inventory levels will most certainly lead to higher foreclosure levels in 2008 over those of 2007. We also look for the Nashville rental market to heat up this summer. If you are looking for a Nashville rental home, we suggestion you contact Summit Property Management: Nashville Property Management

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Remarkable Homes Team Now Has Corporate Housing

The Remarkable Homes Team is proud to release our new Nashville Corporate Housing program that features brand new condos in urban core of Nashville. In 2008, we will release 8 condos in the Encore, 6 condos in the Icon, 4 condos in the Viridian, 4 flats in District Lofts, and 4 townhomes in Madison Square for corporate lease. In 2009, we will release 10 condos in the Rhythm and 5 townhomes in West End Station. All units will be brand new construction and fully furnished by Cort furniture, the industry leader in Nashville.

Pre-leasing will being in January 2008, for more information on floor plans and rates, please contact Grant Hammond at 615-945-7123 or via email Grant@RemarkableHomes.com

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