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  Building Industry Association, Orange County Applauds Action to Increase Federal Action Seen as Boost to Conforming Loan Limits Stagnant Home Sales, Housing Production The Building Industry Association of Southern California, Orange County Chapter (BIA/OC) applauded President Bush and the U. S. Congress for their swift action to enact an economic stimulus package which includes a provision designed to make financing costs for homebuyers more affordable. David Greminger, 2008 President of the BIA/OC said, “this bill is going to have an extremely significant impact on Orange County’s housing market. We are very much looking forward to the boost, especially as we would be one of the few counties in the state to receive one of the highest amount of conforming loan limits at 125% of the area median price of a home- boosting our projected loan limit to $700,000.” Of equal importance, is the timing of the change. Too many would-be homebuyers in Orange County, poised and prepared to enter the market, are sitting on the sidelines waiting for home prices to bottom out. By taking the action they did, the President and Congress made borrowing for a home purchase more affordable and slowed the erosion of confidence in housing markets. The BIA/OC applauded the leadership of Governor Arnold Schwarzenegger for leading this effort in California to get Congress and the President to act on the stimulus package and, in particular, the conforming loan limit increase. This is a great opportunity for Orange County and California. We have some of the best real estate opportunities in the state and it is now more plausible to get families into great communities. ### |
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