Towns like Tenafly will see a further boost to the already active real estate market following The U.S. Senate vote of 60-38 on Thursday, October 20 to approve an amendment to restore higher limits on FHA-backed home loans. The NATIONAL ASSOCIATION OF REALTORS® (NAR) leadership and Government Affairs teams have been working tirelessly to press Congress to restore the former caps by arguing that lower limits will further harm the housing market.
The bipartisan amendment introduced by Senators Menendez (D-NJ) and Isakson (R-GA) restores the 125% of median area price loan limit and the cap reverts to $729,750 through December 2013. The measure still faces tough opposition in the House. NAR will continue to press Congress to restore the higher limits as quickly as possible.