Fed to keep rates low, and other news items

Lots of news impacting the real estate industry this week…

  • The Federal Reserve announced that they expect to keep short-term interest rates near zero for the next three years — citing the economy and the housing market still needing help. See the Wall Street Journal story: Fed Sees Low Rates to 2014
  • The Federal Housing Administration (FHA) is planning to reduce the cap on allowable seller concessions. Currently set at 6 percent, the allowable seller concessions cap my be reduced to 5%, 4%, or maybe even 3%. Read this interesting Inman News piece for one take on the coming cap reductions: FHA may lower cap on seller concessions to buyers
  • Today, the Reno Gazette-Journal ran a piece mentioning the list and containing some comments from local officials. See the RGJ piece: Report: Reno, Carson economies hardest hit

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