Arizona Republic: “New federal loan-guarantee rules imposed to fend off future government losses from plummeting condominium prices have rendered condos utterly worthless, Valley real-estate experts said. The Federal Housing Administration rules, which took effect Oct. 1, prohibit any new FHA-backed loans on condo units in projects that include more than 25 percent commercial space. . . Because of the new rules, local and national experts seem to agree that owner-occupants in half-empty condo buildings are now practically doomed to foreclosure. [Jill] Hoogendyk said the last thing Arizona’s real-estate market needs is government decisions that hinder its recovery.”
Related posts:
- New FHA Loan Rules for Condos Will Hurt Buyers & Builders
- About 25% of Phoenix Valley Office Space Vacant
- Record Phoenix Area Office Vacancies
- Biltmore Fashion Park Gets Rare Deal: Loan Refinance
- Phoenix Valley Has 80 Million Square Feet of Vacant Commercial Real Estate
- Arizona Commercial Real Estate Brokers: Some Commercial Lenders Ignore Crisis
- Federal Government at Work: Let’s help people buy homes! No, wait. Let’s make it harder. New Rules for FHA mortgages
- Office Vacancy Rate Keeps Climbing
- Having Solved all of Our Problems, Congress Now Considering Potty Parity
- No Bids at the Trustees Sale of Tempe’s Centerpoint Highrise Condos
Recent Comments