Dublin Ranch- Conforming Loan Limit

c1 150x150 Dublin Ranch  Conforming Loan LimitThe current $729,750 conforming loan limit is scheduled to expire on September 30, 2011 and will revert back to $625,500.  The conforming loan limit determines the maximum size loan that a government sponsored enterprises can purchase. This includes FHA, Freddie Mac and Fannie Mae. Any loan above the conforming loan limit is a jumbo loan and will have a higher interest rate, cost and ultimately higher mortgage payments. Bank of America has already adjusted their pricing in anticipation of the change. This could have a negative impact on our very fragile housing market in Dublin Ranch. There has been some discussion about extending it for another year.

 

Market Update June 2011 Dublin CA, Dublin Ranch

images1 Market Update June 2011 Dublin CA, Dublin Ranch Single Family Homes in East Dublin built since 1998

 

17 homes sold in an average of 31 days on the market. 53% were distressed properties- 7 short sales and 3 bank owned.  Currently there are 17 active listings and only 12% are distressed properties- 2 short sales and no bank owned. There are 34 pending sales 68% are distressed properties- 21 short sales and 2 bank owned.

 

The inventory in Dublin Ranch continues to be unusually low for this time of the year. There are lots of buyers looking for homes right now and the interest rate for a 30 year fixed rate mortgage remains below 5%