On my recent post, I detailed the recent modifications to the Home Buyer’s Credit that should have a positive effect on many sectors of the housing market. Still, two additional factors that will continue to influence our local real estate in the coming year are 1) restrictions on mortgage lending implemented in the past year and 2) job losses.
To that effect, I am optimistic that JP Morgan Chase announced Tuesday that they plan to increase their home loan sales force by 60% by the end of 2010 in 23 states, including key cities such as New York and Chicago, according to a recent report from cnnmoney.com*. This is significant as is the extension of conforming loan limits in our area to $729,750 through the end of 2010. The story on job losses is not as rosy, as we’re all aware, yet on a very informal note, I know of three people close to me that have accepted jobs within the past 2 weeks from positions that they had initially interviewed for over the summer!! Does that mean that companies are starting to feel it is time to take on some additional qualified new people in anticipation of a turnaround in the economy, as JP Morgan Chase is in their home loan department staffing?
Email me at judy.croughan@raveis.com for more clarification on these pertinent issues which affect the purchase OR sale of your home in the Rye, N.Y. area. Interest rates remain low, and I post mortgage rates here weekly on the site to help you purchase your new home.