It’s a wrap! The stimulus package has been approved by both House and Senate. Following a couple weeks of negotiations, the final package looks to be around $787.2 billion dollars.
So what does the package mean for US home buyers? Well, first off, it resets the conforming loan limits from $625,500 to $729,750, where in
Some added provisions from the original stimulus package proposed a few weeks ago include over $50 billion in foreclosure mitigation and a lowering of interest rates some 125 to 150 basis points…all of which were agreed to and passed in the final package deal.
Hopefully, this will be this final piece to get the housing market back on its feet, and the economy on the move once again. Actually, existing home sales were on the increase at the end of January, with existing inventory declining throughout the same period. Perhaps it was the historically low interest rates that attracted many of those buyers. According to Freddie Mac, the national average rate for a conventional loan fell to 5.29 percent in December, from 6.09 percent in November. So there have definitely been some good signs showing some improved outlook.
Swift implementation will be the key to success, however. The economic health of the
Today President Obama is celebrating the passage of the American Recovery and Reinvestment Act as a “major milestone on our road to recovery,” while still emphasizing that we have many miles yet to go.
“This historic step won’t be the end of what we do to turn our economy around, but the beginning,” he said in his weekly address to the nation. Taking a quote from President Kennedy, Obama said, “Do not pray for easy lives. Pray to be stronger men. Do not pray for tasks equal to your powers. Pray for powers equal to your tasks.”
“Ultimately, this is your money, and you deserve to know where it’s going and how it’s spent,” he says.