Many feel that Fannie Mae made a mess of things with regards to the condominium market last year with its new, tighter restrictions on financing. Perhaps as a back-pedal, and perhaps due to overwhelming pressure, Fannie Mae has now announced that it will make an attempt to boost the sales in the condominium market in Florida. And with the number of condos lining the sun-drenched coast, that is no small order.
David Welch blogs about the newly proposed condo assistance by Fannie Mae.
“It was nearly a year ago that Fannie, Freddie and FHA essentially created the condo mess here in Florida by making financing virtually impossible. In an already difficult market, the tight restrictions on financing caused condo prices to plummet.
The assistance that Fannie is offering now is a special approval process that will be handled by special teams going around the state reviewing existing condominiums. They have dedicated six people to this project (read with a sarcastic tone). With the special approval, condos will be able to qualify for Fannie Mae financing.”
Will this new attempt salvage the sagging condo market? Could it get any worse? What do REALTORS® who deal with condo sales on a daily basis really think of Fannie’s attempt to fix the broken wheel?
Click through now to read David Welch’s blog.
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