Call-for-Action: Update on loan limits

Conforming loan limits severly dropped on October 1, as Congress failed to extend GSE and FHA conforming loan limits. Unless Congress takes action soon, this move will dramatically impact the recovery of the housing market and the overall economy. Recently, the Senate included an amendment to the Transportation, Housing and Urban Development appropriations bill that reinstates the previous loan limits through December 2013. While the Senate passed that bill, the House passed its own version of the same bill without the amendment. To remediate this, a conference committee now must reconcile the two bills.

We hve been informed that the C.A.R. and NAR will continue to work with the members of the conference committee, fighting to include the loan limits provision in the final legislation that will be sent to the President.