It’s been reported by both B&T and the NYT that mortgage and real estate industries claim that conditions are improving for homebuyers who need “jumbo loans.”
In Greater Boston, jumbo loans are those that exceed $523,750. The New York Times recently had a story quoting real estate and mortgage brokers who have seen a spike in jumbo loan activity because it’s getting easier for homebuyers to qualify and interest rates have dipped.
That is good news for the Bay State’s high-end housing market. Already, in the last few months, sales for million-dollar-plus properties are moving at a quicker pace than they did last year. One reason could be that the jumbo-loan market isn’t as tight as it was. As reported on my earlier blog posts, the $1mil plus Boston condo market in the 1st Q of 2010 is way up from 2009 but still behind 1st Q of 2008.