28.02.2013 - Jumbo mortgages make comeback in U.S. as real estate revival takes hold
Home sales and prices are rising briskly in those neighborhoods where the well-heeled like to plant their mailboxes: along Chicago’s north shore, in the San Francisco Bay area and in the haute Hamptons. Sales of properties worth between US$750,000 and US$1-million are up 38.7% over a year ago; $1 million-plus property sales are up 25.7%, according to the National Association of Realtors. The luxury real estate revival is being fueled, in part, by another resurgence: so-called jumbo mortgages – those loans, typically over US$417,000, that are too big to qualify for purchase by federal agencies, namely Fannie Mae and Freddie Mac...............................................Full Article: Source
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