Monday Morning Real Estate Update 02/18/08

 

What a gorgeous Winter Weekend!  It just does not get any better.

Our local Real Estate market continues to hold up with a much better market than what we see nationally.  All of the bad press that we read about the national Real Estate market does not accurately describe our local market.  Certainly the market has shifted some, but overall we continue to see home prices rise and we see good sales activity in most price ranges.  Our current market is ideal for home buyers and investors.  Look for more of the same through the next several months.

On Thursday, the Senate approved, 81-16, an amended version of the Economic Stimulus Plan. 

Part of the Economic Stimulus Plan is for to increase conforming loan amounts from $417,000. What’s this mean?  For places like Coachella Valley, who have large inventory over the $417,000 price threshold, and for loan amounts between $417,000 and $625,000 now will be considered conforming loans and will decrease by 1.25%!!  On a $625,000 loan amount that means a decrease by $505.06 per month on a 30 year fixed.