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I’m not sure I would say those programs are “working” (i.e. stabilizing the housing market).
I think I would say that people are expecting them to start working and are waiting for a better market to sell.
Simultaneously, those who want / need to sell are tired of waiting for a better market and giving in to lower offers.
This combined w/ a Jumbo limit of $545K that forces buyers to stay below $545K +