Sunday, January 11, 2009

Weekend Wrap Up

All eyes should be on Washington and the Obama stimulus package. There is talk that the package would include a rise in the "jumbo conforming" limits that Fannie and Freddie can buy. The word is that the new limit would be $729,000 and House Financial Services Chairman Barney Frank says that it has Obama's backing. The bill would likely be passed at the end of this month or early February and the new limit could be implemented immediately. This would be modestly beneficial to the NY market where Jumbo rates are significantly higher than conventional rates and real estate values are far higher than national standards. The real benefit would be to properties priced at or under $1 Mil..
Could "Jumbo Conforming" Limits Rise To 729k? They Just Might (NY Times)
Obama Said To Back New 729k "Jumbo Conforming" Limit (Bloomberg)
Fed Buys Over $10 Bil In Mortgage Backed Securities, Driving Down Rates (Marketwatch)
Plan To Cut Foreclosures Passes Key Hurdle (WSJ)
Concierge Service Now Help With Downsized Lifestyles (NY Times)
Super Lux Deals Slide In NY and London (Luxist)
National Luxury Real Estate Wrap (Luxist)
Scions Poised To Gain (Crain's)
Apthorp Owners Dispute May Hot Rabbinical Court (Crains)

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