Wednesday, March 5, 2008

Good News For Santa Barbara County Real Estate

As some of you may know, the conforming loan limit for Santa Barbara County was going to be raised as part of the Economic Stimulus Package.

It was only going to be raised to $587,500 because the median price for the county was being severely affected by the lower home prices in the Santa Maria and Lompoc areas.

After finding this out the Santa Barbara Association of Realtors began a campaign to write letters to our elected officials to make them aware of this situation.

The Mayor of Santa Barbara and Council Members reached out to their contacts in Washington to help stimulate the change. No matter what had happened I have to give some positive feedback to Mayor Blum. She answered emails and was very approachable.

The information got in to the right hands, and Lois Capps and others picked up the banner.

Lois Capps even wrote a response to a letter I wrote that Noozhawk was nice enough to publish.

Now the next step is to see if these new loan limits will reflect a reduction in interest rates.

Either way, this is a very good start to helping the property owners in our county. This will give buyers some additional options when it comes to financing. It should also give anyone who is needing or wanting to refinance those same options.

CNN has a pretty good explanation of what has been approved so far as well as some comments from HUD.

Lois Capps has an more information on her site regarding how the Economic Stimulus Package will work.

See You In Escrow!

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