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Real Estate
 Lynn Porter Real Estate Editor |
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March 26, 2009
Real Estate Buzz: New Fannie rule hits local condo projects
By LYNN PORTER
Real Estate Editor
Real Estate Editor
A new Fannie Mae guideline aimed at protecting people from buying into condo projects that are likely to fail is affecting the local real estate market.
Under the rule enacted March 1, a new or newly converted condo project must have at least 70 percent of its units under contract or sold before Fannie will guarantee mortgages there so the loans can close. The previous requirement had been 51 percent.
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Previous columns:
- Real Estate Buzz: Taking the Hyundai approach to apartments, 03-12-2009
- Real Estate Buzz: Hard work pays off for The Bravern retail, 02-26-2009
- Real Estate Buzz: Properties ‘really starting to feel the pinch', 02-12-2009
- Real Estate Buzz: Justen sees good market for high-end units, 01-29-2009
- Real Estate Buzz: Full speed ahead for Escala condos, 01-15-2009
- Real Estate Buzz: Many apartments will be delayed, scrapped, 01-02-2009
- Real Estate Buzz: Wave of defaults, foreclosures hit in Sept., 12-18-2008
- Real Estate Buzz: Light rail to make suburban hubs a draw, 11-13-2008