Real Estate Broker/Owner with Independent Real Estate Broker DRE#00972295
I have read many blogs where the writer states that the new loan limit is temporary but an article from The California Association of Realtors (C.A.R.) says otherwise. I would prefer to believe them (the C.A.R.*) rather than any blog written by a Realtor. Ok, correct me if I am wrong. If you would like read the article yourself let me know and I'll send you the link.
Here is what they the have to say:
"The bill permanently increases the conforming loan limit to $625,500. C.A.R. has long advocated for higher conforming loan limits. In February, the Economic Stimulus Act of 2008 was signed, temporarily raising the conforming loan limit in high-cost areas to $729,750 from $417,000 until December 31, 2008." (I think the last part of this is what confuses people.......they temporary increased to $729,750 but permanently increased to $625,500, but you can correct me if I am wrong!)
The article went on to say:
"Although we would have liked Congress to make permanent the current $729,750 loan limit, C.A.R. is pleased with the new permanent loan limit of $625,500"
Please feel free to leave your thoughts on this. If you need a Realtor that takes her job seriously and is always in pursuit of the truth, please call me at 323-357-9300 or 562-884-6196.
*C.A.R. articles are written by professional writers, attorneys, economist and people whose full time job is to research matters that affect the real estate industry.