Fannie Mae approves 123 condos for financing

Fannie Mae has now approved 123 new Florida condominiums for financing in the
first eight months of 2010, according to a new report from Condo
Vultures. The number of new projects approved for financing has jumped
by more than 40 percent compared to 2009. No new projects were approved
for financing in 2008. Projects that fail to receive the so-called
“special approval” are virtually locked out of conventional financing,
meaning lower prices for sellers as buyers have to pay all-cash in
heavily discounted deals. “Fannie Mae has made a seismic policy shift in
its outlook for new Florida condos,” said Peter Zalewski, founder of
Condo Vultures. TRD