[az2fla]

SteveFromNY -- You can only gain in TV as long as you have no intention of selling anytime soon. Are you located in upstate NY? I was under the impression that the NYC and suburbs were holding up pretty well with prices and that homes were selling relatively quickly. I'm in AZ and the market got way overheated here. I had intended to put it onto the resale market but other considerations are preventing that for now. When/if I do, in fact, put it up for sale, I'll be pricing below neighborhood comps because when it's time to move, it's time to move and I'll be very satisfied with the return on this investment. And, yes, you have plenty of emotional attachments to the house and that makes it all the more painful.

If Freddie and Fannie (FHA) are permitted to raise the amount of home-loan limits, that would help free up this logjam we find ourselves in right now. Currently, FHA loan limit is set at $417,000. When you consider that you can't get much of a house for that amount in places like California, lower New York State, and many large city metropolitan areas there aren't many lenders willing to touch a higher amount mortgage application right now. Currently, H.R. 1427 would allow Freddie and Fannie to guarantee loans up to $625,000.
With the number of adjustable rate mortgages getting ready to reset over the next six months to a year (or more), having access to lower rates on loans up to $625k could help these families keep their homes and allow movement in the real estate sector to get going again. Contact your legislator and ask him/her to support this bill. My sincerest (and I mean that) best wishes for a quick sale of your NY home.