Borrowing for Miami Condos Easier in 2009
Twenty six Miami Condos have been approved by Fannie Mae for Federally backed mortgages this year, compared to zero in 2008, according to Condovultures.com. Fannie Mae refused to finance units in condo towers where values had dropped too much or where a large portion of the condos were in foreclosure, as the housing market collapsed last year.
The higher number of projects in Fannie Mae's mirrors the quickening pace of sales in the battered Miami real estate market. Fannie Mae approved 25 South Florida condo projects in 2007 and 19 condo projects in 2006.
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