It's funny...because the people that are buying right now are the wealthy...and mostly foreign investors and of course anyone with stellar credit and wanting a property under $417,000 in order to stay in the conforming loan range....Being here in Ca, where the average home is definitely over $417,000...I really hope the Fed raises that conforming loan rate out here which would then be as high as about $729,000...this would open up a floodgate of good buyers who are frankly, sitting on the sidelines right now with their hands tied and truly make it a "buyers market" for everyone.
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