Nationally in 2008 homes under $400,000 are down 3%, while homes over $750,000 sales are down 47% according to the National Association of Realtors.
Experts point to the lack of decline in the Jumbo Loan rate, the inability of the move up buyers to sell their homes and thus buy the more expensive homes and the lower loan limit for conventional loans (that would earn government backing and a lower interest rate) not being increased to help move this market.
Date: 2009-01-28 09:18:00