Tuesday, February 17, 2009

President Signs Stimulus Bill

Last week Congress passed the American Recovery and Reinvestment Act of 2009. President Obama has signed the bill today. Among other things, the stimulus legislation resets the conforming loan limit cap at $729,750, up from $625,500 and reinstates these 2008 loan limits through Dec. 31, 2009.

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. Homebuyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit.

Thank you to everyone who contacted their Member of Congress in support of the housing provisions contained in this legislation.

State Budget Negotiations Continue ~ As of this time, the California state Senate is still debating an emergency measure to address the state's ever-growing budget deficit. C.A.R. will keep you posted on the budget's possible impact on your business and the real estate market.

Septic Regulation Update ~ The State Water Board (SWB) has extended its deadline for submitting testimony on the currently proposed regulations of septic systems to February 23rd. C.A.R. is deeply troubled by several items contained in these proposals and understands that due to public outcry, the proposals will probably be revised. However, there is still a danger that even the revised regulations may contain a point-of-sale provision. If you would like to submit testimony to the SWB, please click here for background and instructions.

Information compliments of the California Association of REALTORS®

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