Congress may restore home-loan limit 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 October 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”

Read more of Kathleen Pender’s article in the San Francisco Chronicle: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/11/14/BUIQ1LV1P3.DTL#ixzz1e1NHxHzL

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

Washington, D.C. Office
2300 Rayburn House Office Building
Washington, DC 20515
(202) 225-2415
Fax (202) 225-0145
Email: http://rohrabacher.house.gov/Contact/Zip.htm