Dennis Norman
A few days ago I did a post about the negative impact the housing market was feeling as a result of the upcoming expiration of the temporarily increased loan limits for loans insured by Freddie Mac, Fannie Mae and FHA as a result of the American Recovery and Reinvestment Act of 2009.
Today I have good news to report: The Mortgage Bankers Association (MBA) issued a release indicating Congress has aproved an extension of the increased loan limits for Fannie Mae, Freddie Mac and FHA loans through December 31, 2010. This legistlation still needs to be signed into law by President Obama, but since it is part of the Continuing Resolution, which is needed to help keep the government running, it will no doubt get signed into law quickly.
Between this news and the good news I reported on yesterday about the progress being made toward extending the homebuyer tax credit I think there is good reason for a little celebration and optimism amongst us about the housing market. Now if only we could do something to get those unemployment numbers down dramatically!
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