The Latest Real Estate News, Investing and Housing Market Tips
                              


The revival in the luxury is being fueled by growth in jumbo mortgages, Reuters reports. Jumbo loans typically are more than $417,000.

“Jumbo loans are returning to the mortgage market after almost disappearing entirely in the wake of the of 2008 and the real estate meltdown,” Reuters reports. “Most lenders stopped making new jumbo loans when the private secondary market dried up in the crunch.”

But now jumbo loans are coming back. Lenders are reserving jumbo approvals to qualified borrowers, and some reportedly are even offering these “once-pricey jumbo loans at that are barely higher than conventional mortgages,” Reuters reports.

“The jumbo market may fare better than the overall mortgage market in 2013,” says , publisher of .

But while jumbo loan volume was about $200 billion last year, it’s still the $348 billion in jumbo loans issued in 2007. Cecala predicts that 2013 volume of jumbo loans will reach about $220 billion.

Source: http://realtormag.realtor.org/daily-news/2013/03/04/jumbo-mortgage-comeback-helps-lift-luxury-sales

Leave a Reply

You must be logged in to post a comment.