Weekly Survival Real Estate Market Update
The Disappearing “Jumbo” Creates a Window of Opportunity for Some Retreat Buyers For many years the “Jumbo” mortgage has been the means by which middle class buyers have purchased A.) Large homes, B.) Homes on large acreages, or C.) Homes in desirable suburbs. With the recent credit market crisis, the availability of Jumbo loans has declined precipitously. This has had a number of immediate effects. First, it has been an impetus for owners of houses that had been listed between $417,000 and $450,000 to lower their asking prices to $416,000 or less. Secondly, with a few exceptions, it has effectively …