As home prices surge, Fannie- and Freddie-backed mortgage limits rise

home prices surge

A federal regulator raised the dollar amount of mortgages that would qualify for backing by Fannie Mae and Freddie Mac as home prices around the country continue to swell. Starting in 2018, the maximum conforming loan limit will be $453,100, the Federal Housing Finance Agency said Tuesday. The FHFA regulates Fannie and Freddie, which help enable homeownership by buying mortgages extended by banks and other lenders. The 2018 loan limits are nearly 7% higher than the 2017 cap of $424,100, an amount that represented the first increase in nearly a…

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Home Sales In Nassau’s South Shore Soar In Second Quarter

A new report showed that home prices on the South Shore of Nassau County jumped in the second quarter of 2017, reaching a seven-year high. Prices rose across Long Island as sales also went up during the first half of the year. Homes were also selling faster than they were in the beginning of the year. Lots of records are being set on Long Island right now.  This quarter saw the most sales in 15 years with dwindling supply and rising prices contributing to the strength of the market. In…

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LI Home Prices Rise As Listings Dwindle, MLS Report Says

long island home prices

Long Island’s dwindling supply of homes for sale drove up housing prices last month. In Suffolk County, the median sales price increased by 6.5 percent compared with the previous August, to $375,000, the Multiple Listing Service of Long Island reported Thursday. Nassau County homes traded for a median price of $515,000, up 6.2 percent from a year earlier. There were 7,345 homes listed for sale in Suffolk last month, down 15 percent from the previous August. In Nassau, buyers had 5,008 listings to choose from, an annual decline of 11.6…

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Real Estate Prices In Suffolk Can’t Keep Up With Nassau: MLSLI

real estate prices in nassau and suffolk

Home listing prices in Nassau County skyrocketed in July while Suffolk County prices barely budged, according to a new report from the Multiple Listing Service of Long Island. The Long Island-wide data, which includes Queens in MLSLI reports, shows the median home sale price was $450,000 in July, which is a 8.43 percent increase over the last year and a 2.27 percent increase from June. The total number of Long Island residential properties on the market in July was 17,252, making the available residential inventory 10.03 percent lower than a…

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