Home-Loan Limit Could Be Restored to $729,750

“Congress will decide this week whether to reinstate the limit on government-backed home loans in high-cost areas to $729,750. The so-called conforming-loan limit dropped to $625,500 on Oct. 1. Although the odds of passage have fallen in the past week, FBR Capital Markets analyst Edward Mills says they are still better than 50-50,” excerpt from "Congress may restore home-loan limit to $729,750" by Kathleen Pender on the San Francisco Chronicle's website. Read more of Pender’s article here.

This will really help Palos Verdes real estate as the median price of homes in Palos Verdes is $1,125,000

For the median priced home for sale in Palos Verdes of $1,125,000, this means that without the loan limit being increased, you would have to come up with additional $104,250 to buy Palos Verdes homes for sale.

With most folks wanting to do some remodeling on the home they just bought, that $104,250 would come in handy!

So what to do? Write, call or email your congressman.

For Palos Verdes, that would be Dana Rohrabacher, 2300 Rayburn House Office Building, Washington, DC 20515. Call at 202-225-2415 or fax 202-225-0145.
Email http://rohrabacher.house.gov/Contact/Zip.htm.

Visit www.homeispalosverdes.com for more information.