FHA changes on their way....

Read this great post by Karen Cooper on the new FHA changes. Below are some of the highlights:

What changes will be implemented? We announced the following on January 20:

Increase the up-front mortgage insurance premium (MIP) to 2.25%;
Update credit score and down payment requirements for new borrowers;
Reduce seller concessions to three percent, from six percent; and
Implement a series of significant measures aimed at increasing lender enforcement.

Now is the time to buy a home in Ashland or Medford before it gets even harder to get a loan.

Ashland and Medford Homes Sales for 2009

Below are the highlights from the recent SOMLS data released for sales in Ashland, Medford, and Jackson County:

Ashland - 45 more homes in 2009 than 2008. The median sales price for existing home sales went down from $375,000 to $328,125.

Medford - 184 more homes in 2009 than 2008. The median sales price for exisitng home sales went down from $175,000 to $134,000 in W. Medford and $239,500 to $205,950.

Countywide 387 more homes in 2009 than 2008. The median sales price for existing home sales went down from $225,000 to $186,000 (-17.3%).

Note that the median price decline does not mean sales prices went down county wide by 17.3% rather that the number of homes selling in the lower price range due to the first time home buyer credit caused the median home price to be lower than in 2008.