Interesting, HLS. Can you explain the Agency High Balance? Is that the difference between conforming and jumbo rates … possibly the “superconforming limit?”
Yeah. It also is one more reason to suggest the increases in home prices aren’t sustainable, as the gap between median home prices and conforming loan limits grows.
Poorgradstudent, I moved to SD during the big bubble and waited for it to pop before buying in 2011, even though I moved here to take a 6-figure job and could have purchased immediately. It was a 6 year wait for me.
I think you will have a much longer wait than me. Incomes are higher, rates are lower, population is higher, net worth is higher, Asian interest is higher, and we have none of the NINA 0% down insanity of 2003-07.
If you want to settle down in SD or anywhere nice on the West Coast I suggest you not wait.
Agency High Balance increased by County
San Diego will be $612,950 From $580,750 ^5.5%
Orange/LA at max of $636,150 From $625,500 ^1.7%
Pretty sizable increase for the superconforming loan. This could make a difference in the $725k+ market. From personal experience, these loans “only” cost about 1/8% APR more than conforming. This would bring the max 80% LTV from ~$726k to $766k.
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