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10/17/09
A condo crisis
Filed under: General, Real Estate, Mortgages
Posted by: Lillian Wong @ 4:05 pm

New federal loan-guarantee rules imposed to fend off future government losses from plummeting condominium prices have rendered condos utterly worthless, Valley real-estate experts said.

The Federal Housing Administration rules, which took effect Oct. 1, prohibit any new FHA-backed loans on condo units in projects that include more than 25 percent commercial space.   more…



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