Friday, 2 January 2009

The conforming limit

With rather little fanfare the exceptional high limit for conforming mortgages of $729,750 expired yesterday. The limit is now $625,500 in high cost areas: it remains $417,000 elsewhere. The details are here.

I am surprised this was allowed to happen: I thought that the exception would be extended indefinitely given the state of the US housing market. This cannot be good for California, for instance.

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