Schumer Bill

Congress and the Administration may be headed for a clash on yet another front - the size of Freddie Mac and Fannie Mae's owned portfolios.

On Monday Senator Charles Schumer (D-NY) introduced legislation that would provide about $72.5 billion to refinance mortgages for borrowers whose loans have or are about to reset to higher rates. The bill would also allow Freddie and Fannie to buy more mortgages in order to relieve in part the credit crunch which is preventing cash-strapped borrowers from refinancing.
The bill lifts the present cap on Freddie Mac and Fannie Mae's mortgage portfolios by 10 percent which the Senator says will allow the two government sponsored enterprises (GSEs) to pump about $145 billion into new lending. The bill would also permit the companies to purchase so-called "jumbo" mortgages, those with a value over $417,000 which would allow Freddie and Fannie to assist borrowers in areas of the county with more expensive housing.

The Bush Administration and James Lockhart, the head of the Office of Federal Housing Enterprise Oversight (OFHEO) which regulates the two GSEs have rejected suggestions that the two corporations should be allowed to purchase and hold more mortgages. Both the President and Director Lockhart in similar statement alluding to accounting irregularities discovered three years ago suggested that the GSEs should exhibit more fiscal oversight before they were allowed to increase the sizes of their respective portfolios. Both GSEs have already petitioned OFHEO asking for what would amount to an emergency increase in their portfolio limits.

Under Schumer's legislation the increases of portfolio caps and loan limits would expire after one year.

4:27 PM - Sep. 16, 2007 - comments {0} - post comment
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Recent buying trends

Superior Home Living Invites your comments and thoughts on buying or selling Real estate in the greater Valley area of CT. The valley towns include. Naugatuck, Oxford, Seymour, Ansonia, Derby, Bethany, Beacon Falls and some would include Shelton however the town of Shelton resides in Fairfield County were the rest of the valley towns are in the New Haven County area. The Valley has become the latest hot spot in CT with the increasing lack of space to build new construction in the  Fairfield County area of CT. The Valley holds many unknown values and deals on property and convenience. The Valley town of Ansonia has five Super markets,  4 Drug stores,  numerous filling stations and so much more. The town of Seymour has the states largest antique dealer ship consisting of many many different dealers. The town is also known for newer construction of some of the most beautiful colonials around. The town of Oxford is known for it's open land with many horse farms, simply a beautiful place to call home. The town of Derby is known as the states smallest town consisting of many refurbished period homes. Bethany and Beacon Falls are simply charming areas also with period homes and newer construction. 

Here are the current market trends in local areas of Connecticut

The Norwalk / Westport Area                                                                 

Report Date	Summer 2007
Nearest Metro Area	New York City--Manhattan, NY
Buyers' or Sellers' Market	More buyers than sellers
Average Time on Market	60-90 days
Market Trend	Increasing
Housing Inventory	Good supply, all prices
Average Home Prices	$900,000
Compared to last year	About the same
Prices As % of Asking Price	90-95%
Multiple Offers?	No
Greatest Activity	Move-up Buyers

The Greenwich / Stamford area

Report Date	Summer 2007
Nearest Metro Area	New York City--Manhattan, NY
Buyers' or Sellers' Market	More buyers than sellers
Average Time on Market	60-90 days
Market Trend	Increasing
Housing Inventory	Good supply, all prices
Average Home Prices	$3,000,000
Compared to last year	About the same
Prices As % of Asking Price	90-95%
Multiple Offers?	No
Greatest Activity	Move-up Buyers

The Fairfield / Bridgeport area

Report Date	Summer 2007
Nearest Metro Area	New York City--Manhattan, NY
Buyers' or Sellers' Market	More buyers than sellers
Average Time on Market	60-90 days
Market Trend	Increasing
Housing Inventory	Good supply, all prices
Average Home Prices	$1,500,000
Compared to last year	About the same
Prices As % of Asking Price	90-95%
Multiple Offers?	No
Greatest Activity	Move-up Buyers

The Southbury /Newtown /Monroe/ Oxford area

Report Date	Summer 2007
Nearest Metro Area	Waterbury
Buyers' or Sellers' Market	More sellers than buyers
Average Time on Market	90-120 days
Market Trend	Increasing
Housing Inventory	Good supply - all prices
Average Home Prices	$475,000
Compared to last year	Down 15-20%
Prices As % of Asking Price	95-100%
Multiple Offers?	Yes
Greatest Activity	Single-Family Homes
Housing Hot Spots	None at this time
Reason to Buy/Sell	Other

The Trumbull / Easton / Monroe area

Report Date	Summer 2007
Nearest Metro Area	New York City--Manhattan, NY
Buyers' or Sellers' Market	More buyers than sellers
Average Time on Market	30-60 days
Market Trend	Increasing
Housing Inventory	Good supply, all prices
Average Home Prices	$800,000
Compared to last year	About the same
Prices As % of Asking Price	90-95%
Multiple Offers?	No
Greatest Activity	Move-up Buyers
Housing Hot Spots	Very quite more rural, much land with Apple Orchards, horseback riding and a very small town feel to it. Schools are shared with Redding. Because it is smaller children get more attention. Close knit Community.

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