1 Million home starts. This gain signals continued growth in the housing market. This is great news as home prices are raising. This jump is expected to continue throughout 2013 for a second year straight. However it’s not all good news because wages have not increased but steady job growth and near record low mortgage rates along with raising home values have encouraged people to buy homes. Home
builder’s are stepping up production due the higher demand.
Federal Housing Administration (FHA) are making some changes to guidelines and preparing for the increase in applications. USDA is following with increase funds. On March 26, 2013, the President signed “H.R.933. Consolidated and Further Continuing Appropriations Act, 2013” which provides funding through September 30, 2013. The Bill also extends the eligible rural areas that were in effect as of September 30, 2012 until September 30, 2013 for Rural Housing Service rural housing programs. A complete loan guarantee request received by Rural Development on or before September 30, 2013, will not be subject to the new rural area designations that will take place on October 1, 2013, barring any Congressional action that extends current eligibility areas.
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