berniecmps
01-29-2008, 05:59 PM
Hello All!
Well it's Tuesday! What's making news? There is still more talk about the economic stimulus bill and what areas will see the biggest change if conforming loan limits are raised.
There are 19 metropolitan areas where the economic stimulus package's changes to the conforming loan limits would likely have an impact, according to this analysis from the Stanford Group Company, a Washington, D.C.-based financial services company. Of those, seven are in California and six are in the New York metro area. Stanford uses median home price data from the National Association of Realtors. -WSJ
Metropolitan Area Median Home Price(Q3 07) Median Home Price x 1.25 Proposed New Limit Increase Above Current Limit
Anaheim-Santa Ana, Calif. $700,700 $875,875 $729,750 $312,750
Barnstable Town, Mass. $400,600 $500,750 $500,750 $83,750
Boston-Cambridge-Quincy, Mass. $414,700 $518,375 $518,375 $101,375
Boulder Colo. $367,500 $459,375 $459,375 $42,375
Bridgeport-Stamford-Norwalk, Conn. $491,100 $613,875 $613,875 $196,875
Los Angeles-Long Beach-Santa Ana, Calif. $588,400 $735,500 $729,750 $312,750
Miami-Fort Lauderdale-Miami Beach, Fla. $346,800 $433,500 $433,500 $16,500
New York-Northern N.J.-Long Island, N.Y./N.J. $476,100 $595,125 $595,125 $178,125
New York-Wayne-White Plains, N.Y. $550,900 $688,625 $688,625 $271,625
Edison, N.J. $391,800 $489,750 $489,750 $72,750
Nassau-Suffolk, N.Y. $470,000 $587,500 $587,500 $170,500
Newark-Union, N.J./Pa. $459,700 $574,625 $574,625 $157,625
Riverside-San Bernardino-Ontario, Calif. $377,000 $471,250 $471,250 $54,250
Sacramento-Arden-Arcade-Roseville, Calif. $335,700 $419,625 $419,625 $2,625
San Diego-Carlsbad-San Marcos, Calif. $589,300 $736,625 $729,750 $312,750
San Francisco-Oakland-Fremont, Calif. $825,400 $1,031,750 $729,750 $312,750
San Jose-Sunnyvale-Santa Clara, Calif. $852,500 $1,065,625 $729,750 $312,750
Seattle-Tacoma-Bellevue, Wash. $394,700 $493,375 $493,375 $76,375
Washington-Arlington-Alexandria Va./Md. $438,000 $547,500 $547,500 $130,500
Source: NAR, Stanford Group
Foreclosures are still climbing and local governments are still scrambling to come up with solutions to bring foreclosure rates down. Higher foreclosures rate means less revenue that cities are making on property taxes. California is experiencing some of the highest percentage of foreclosures. Stockton, Calif. is experiencing the highest at 1-in-31, Riverside-San Bernardino 1-in-43, Sacramento 1-in-48, Bakersfield 1-in-64, and Oakland 1-in-71.
Well it's Tuesday! What's making news? There is still more talk about the economic stimulus bill and what areas will see the biggest change if conforming loan limits are raised.
There are 19 metropolitan areas where the economic stimulus package's changes to the conforming loan limits would likely have an impact, according to this analysis from the Stanford Group Company, a Washington, D.C.-based financial services company. Of those, seven are in California and six are in the New York metro area. Stanford uses median home price data from the National Association of Realtors. -WSJ
Metropolitan Area Median Home Price(Q3 07) Median Home Price x 1.25 Proposed New Limit Increase Above Current Limit
Anaheim-Santa Ana, Calif. $700,700 $875,875 $729,750 $312,750
Barnstable Town, Mass. $400,600 $500,750 $500,750 $83,750
Boston-Cambridge-Quincy, Mass. $414,700 $518,375 $518,375 $101,375
Boulder Colo. $367,500 $459,375 $459,375 $42,375
Bridgeport-Stamford-Norwalk, Conn. $491,100 $613,875 $613,875 $196,875
Los Angeles-Long Beach-Santa Ana, Calif. $588,400 $735,500 $729,750 $312,750
Miami-Fort Lauderdale-Miami Beach, Fla. $346,800 $433,500 $433,500 $16,500
New York-Northern N.J.-Long Island, N.Y./N.J. $476,100 $595,125 $595,125 $178,125
New York-Wayne-White Plains, N.Y. $550,900 $688,625 $688,625 $271,625
Edison, N.J. $391,800 $489,750 $489,750 $72,750
Nassau-Suffolk, N.Y. $470,000 $587,500 $587,500 $170,500
Newark-Union, N.J./Pa. $459,700 $574,625 $574,625 $157,625
Riverside-San Bernardino-Ontario, Calif. $377,000 $471,250 $471,250 $54,250
Sacramento-Arden-Arcade-Roseville, Calif. $335,700 $419,625 $419,625 $2,625
San Diego-Carlsbad-San Marcos, Calif. $589,300 $736,625 $729,750 $312,750
San Francisco-Oakland-Fremont, Calif. $825,400 $1,031,750 $729,750 $312,750
San Jose-Sunnyvale-Santa Clara, Calif. $852,500 $1,065,625 $729,750 $312,750
Seattle-Tacoma-Bellevue, Wash. $394,700 $493,375 $493,375 $76,375
Washington-Arlington-Alexandria Va./Md. $438,000 $547,500 $547,500 $130,500
Source: NAR, Stanford Group
Foreclosures are still climbing and local governments are still scrambling to come up with solutions to bring foreclosure rates down. Higher foreclosures rate means less revenue that cities are making on property taxes. California is experiencing some of the highest percentage of foreclosures. Stockton, Calif. is experiencing the highest at 1-in-31, Riverside-San Bernardino 1-in-43, Sacramento 1-in-48, Bakersfield 1-in-64, and Oakland 1-in-71.