Here's a quick update on the Economic Stimulus Plan as it pertains to our housing market. Although the senate is still squabbling over the details, congressional insiders are expecting approval. The pending legislation will affect those areas with median home prices above $334,000 and the new limit for jumbo loans will be 25% higher than the median price up to $729,750. The chart shows median home prices for several metro areas including San Luis Obispo County and is taken from the Wall Street Journal, Thursday Feb. 7, 2008, Redefining Jumbo Loans.
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