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We have all been waiting for some relief to our current real estate market conditions, and it arrived today: the new FHA and Fannie Mae- Freddie Mac conforming loan limits have been released by the U.S. Department of Housing and Urban Development (HUD).

In an effort to further boost the ailing economy, for a second time in eight days the Federal Reserve cut its federal funds rate (the rate banks charge each other for overnight loans) by a half percentage point

Today’s rate cut by the Federal Reserve would mean lower interest rates on home equity loans and also lower rates on mortgage loans for purchasing real estate. Your monthly mortgage payment could now buy you more home than before.

Just a couple days after receiving an email from Countrywide’s retail division rejecting the bankruptcy rumor, today I received another email, this time from Countrywide’s wholesale division with the following announcement:

This morning I received the following email from the Chaz Hinz, a Countrywide Home Loan Consultant:
Many of you may monitor Countrywide’s stock, and you may have noticed unusual activity today.

The U.S. Senate on Friday, December 14, 2007, passed S. 2338, the FHA Modernization Act with a 93 to 1 votes, which will reform the Federal Housing Administration (FHA) to give home buyers a safe, low-cost alternative to subprime loans. This is a huge victory for REALTORS® who have lobbied Congress aggressively all year to [...]

So you bought a house in 2005 at or near the top of the market and probably used an adjustable first and second mortgage in order to qualify to buy that house. Now, two or three years later that interest rate on your loan has adjusted upward and your monthly mortgage payment has significantly increased [...]