Real Estate Market in Orange County

President Obama on Tuesday signed the $787 billion stimulus package, a measure he called the most sweeping financial legislation enacted in the nation's history. How is that going to affect our local Orange County Market?

Here's an extract from the California Association of Realtors newsletter on February 19, 2009:

• The historical American Recovery and Reinvestment Act of 2009 contains a provision to increase the Fannie Mae, Freddie Mac, and FHA loan limits in every county in the state to 2008 levels. C.A.R. has long advocated for higher conforming loan limits, and believes this stimulus package is a step in the right direction for California’s homeowners. The conforming loan limits in high-cost areas will be increased from $625,500 to $729,750, enabling more home buyers to purchase at favorable interest rates.

• The bill also increases the first-time home buyer credit from $7,500 to $8,000, and removes the requirement that the credit be paid back if the buyer stays in the home for at least three years. It also extends the expiration date for the credit from July 1 to Dec. 1, 2009. Home buyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit.

• The stimulus package also contains $308.3 billion in appropriations spending, including $120 billion on infrastructure and science and more than $30 billion on energy-related infrastructure projects. It also allocated an additional $267 billion for direct spending, including increased unemployment benefits and food stamps; and provides $212 billion in tax breaks for individuals and businesses.

When it comes to your home search, you can always go to http://www.ocexecutives.com/ and check all the latest listings in the Orange County Market. And for any questions, we are here to help.