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After a fair amount of backlash and letter writing, the government this week raised the mortgage limits for loans guaranteed by the Federal Housing Administration in several high cost California counties, including Santa Barbara. The maximum amount of $729,750 will now be allowed for the Santa Barbara area and only time will tell what effect this will have on the housing market here. For many residents here in the Santa Barbara area where the average price of a single family home is over $ 1 Million, this will allow homeowners with high-rate sub-prime mortgages to refinance into federally insured loans. Additionally, it will allow buyers that are out there to obtain better loans for the lower end market.

Overall the market here in Santa Barbara has seen a significant increase in activity during the first 2 months of 2008, with pending sales abound across the board. I have talked with many lenders and Realtors in the last several weeks and the assumption is that this stimulus package will only increase activity in the market.

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