Thursday, February 14, 2008

$168 Billion Economic Stimulus Package Signed Into Law

Important for the real estate business and our economy, President Bush on Feb. 13, 2008, signed the $168 billion Economic Stimulus package into law.
Congress previously gave overwhelming final approval to the Economic Stimulus Package supported by NAR and REALTORS® across the country.

The U.S. government will be sending payments to most American households and grant tax incentives for business investment.

This legislation includes the requested GSE and FHA limit increases to $729,000. The increased GSE loan limits means borrowers will see immediate relief with new liquidity in the mortgage market. The nation will see an additional 300,000 home sales. The increased FHA loan limits means an additional 138,000 Americans will purchase homes, and with the needed FHA reforms means 200,000 families can refinance their homes safely and affordably.

Sales financed by jumbo loans of more than $417,000 made up only 19% of Southern California sales in January 2008. A year ago in 2007, jumbo loans in SC made up 38% of sales.

Posted by Harrison K. Long, Explore Properties Group, Feb. 13, 2008
[Source: Orange County Register, 2-13-2008]

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