INFO THAT HITS US WHERE WE LIVE...

INFO THAT HITS US WHERE WE LIVE... It was announced last week that the Federal Housing Administration (FHA) is increasing loan limits for 2018 in more than 3,000 counties--almost every area of the U.S. FHA limits are tied to median home prices in each county and Metropolitan Statistical Area, so check with your mortgage professional for the local numbers. This follows the prior week's news that the Federal Housing Finance Agency will increase 2018 conforming loan limits for most mortgages acquired by Fannie Mae and Freddie Mac. Higher loan limits are driven, of course, by rising home prices.

More evidence of these came when property information firm CoreLogic reported a 7% annual surge in home prices in October. But they do expect gains to slow, forecasting only a 4.2% annual increase in home prices by October next year. The market remains active, however, as the Mortgage Bankers Association reports mortgage applications for the week ending December 1 up 4.7% overall, with purchase applications up 2%. The latest "Millennial tracker" from loan software provider Ellie Mae notes that among unmarried home purchasers, "single women are buying homes much more than single men."