Guitar187, interesting id, you’ll have to explain guitar “murder” (the penal code 187) at a later date, I bet it’s a good story. Welcome aboard, 1st post I’ve seem from you and it was an intelligent one. Don’t let the op’s venom get to you, it had a point. Most of us could care less that that the conforming loan limit will be raised, it’s repackaging of cigarettes. Marlborro lights don’t make anyone think they are suddenly good for you, the cat is out of the bag about the negative health effects of cigarettes and the cat is also out of the bag with regards to the r/e bubble. The bounce that R/E will get will be short lived because the reason the bubble started wasn’t the rate but the liar loans made to people who lacked the ability to pay them back. No investor is going to loan 700k to someone who can’t prove their income and everyone who can prove it already has a house. The perception that R/E can’t go down fueled the bubble, that party is over for at least a decade, now people will evaluate the next ten years when buying, not the next ten months. Truth be told, a national dollar cap is absurd, we live in a different world than the rest of the country, the stimulus package is also out of whack, what homeowner makes less than 75k gross in So Cal? Nothing will deny the invisible hand, no matter how much sugar they put in the kool aid, the line to drink it will be nearly empty.
