Last Friday was a big day for Real Estate when plans to overhaul the Real Estate market were revealed by the Obama Administration. Phasing out Fannie Mae and Freddie Mac are only a small component to their efforts to restructure the mortgage market. The general plan to reduce the government’s role in the mortgage market and bring in private capital will be implemented over a period of 7 yrs by more tightly restricting which loans would be backed by the government, making Freddie and Fannie price their loans according to private market standards, increasing down payment for loans backed by Freddie and Fannie, and increasing Federal insurance premiums on mortgages.

Check out CNN for a brief overview of Friday’s news:

http://money.cnn.com/2011/02/11/news/companies/fannie_mae_freddie_mac_white_house_proposal/index.htm

In more local news, Rochester’s Post Bulletin reported fabulous news for our local housing market with a 30.9% increase in sales as compared to last January 2010. Read on for more:

http://www.postbulletin.com/news/stories/display.php?id=1444943