The Economic Stimulus Package passed earlier this month by the Senate and the Congress, was signed today by President Bush.  A portion of this package addresses the Conforming Loan Limit which has restricted the loan terms for many home buyers all over the country.  This Stimulus Package will allow an increase on the Conforming loan limits.  Right now the Conforming Loan limit in Ventura County is about $417,000. The Suggested increase will raise the Conforming Loan limit to $729,750 in high cost housing areas (California)!!!!!

How does the Senate’s Stimulus Package affect the Ventura County’s Real Estate Market?

For Ventura County Home Buyers:

To understand the impact this Bill will have on Ventura County Home Buyers let me explain the dilemma most Home Buyers are facing.

The current home buyer can take advantage of amazing rates if they are qualified to borrow under $417,000 (conforming loan limits). Any amount above the limit is considered a Jumbo loan with big increases in interest rates. Currently the interest rates for Jumbo Loans are more than 1% higher than Conforming Loans!!

By increasing the limit on conforming loans, this Stimulus Package enables home buyers who fell into the Jumbo loan category previously to take advantage of the same low interest rates offered on Conforming Loans as long as they are borrowing under $729,750.

For Ventura County Home Owners:

For those home owners in Ventura County with adjustable rates or whose loans fall into the jumbo loan category, the new conforming loan limit is a breath of fresh air and the opportunity to refinance their loan.

As the guidelines are put into place (2-4 weeks), I urge you to consider refinancing that Jumbo loan, Adjustable loan, or Second mortgage into the newly defined Conforming Loan with the improved interest rates and more favorable loan terms.

Please note that this increase in the conforming loan limit is a temporary change (only till the end of 2008).  A coalition of Realtors, Representatives in Sacramento, and lawmakers in Washington are trying to make this change in the loan limits a permanent change so that more future home buyers can attain home ownership.

If you have any questions or if you have a loan that needs attention Now, give me a call and I will provide the information you need to make the right decision for you.

January was an interesting month for Ventura County Real Estate. It seems inevitable that one or more of the homes on which my home buyers wanted to make an offer was a Short Sale or a Bank Owned Home. What was more surprising was the fact that each of these homes had multiple offers!!!!! Since there has been an increase of bank owned homes sometimes called Real Estate Owned (REO) homes for sale in Ventura County, we might notice a significant jump in Ventura County’s home sales. Home buyers are realizing that significant savings are available when purchasing these types of homes and are showing more interest in making offers on REO or Short Sale homes!!! The interest home buyers are beginning to show in Ventura County’s Real Estate market is not yet evident in the market trend report below, however we hope in the months to come the result will reflect this.

Here is a break down for November’s Real Estate Market Activities in Ventura County:

Please Note: Median Price is the price of the house that falls in the middle of the total number of homes for sale in that area. There are currently 352 single family homes and 130 condos for sale in Camarillo and Santa Rosa Valley. Median single family listed price: $740,000 Median condo listed price: $410,000.

In January 20 single family homes and 11 condos were sold in Camarillo and Santa Rosa Valley.  Median single family selling price: $632,100   Median condo selling price: $335,000.

There There are currently 91 single family homes and 12 condos for sale in Fillmore. Median single family listed price: $469,000    Median condo listed price: $262,500.

In January 4 single family home and 0 condos were sold in Fillmore. Median single family selling price: $437,950  Median condo selling price: N/A.

There are currently 155 single family homes and 33 condos for sale in Moorpark. Median single family listed price: $644,900    Median condo listed price: $354,900.

In January 5 single family homes and 3 condos were sold in Moorpark. Median single family selling price: $799,990   Median condo selling price: $310,000.

There are currently 154 single family homes and 32 condos for sale in Newbury Park. Median single family listed price: $749,950    Median condo listed price: $489,925.

In January 14 single family homes and 5 condos were sold in Newbury Park. Median single family selling price: $595,000   Median condo selling price: $429,000.

There There are currently 844 single family homes and 248 condos for sale in Oxnard. Median single family listed price: $439,000    Median condo listed price: $275,000.

In January 32 single family homes and 17 condos were sold in Oxnard. Median single family selling price: $411,500  Median condo selling price: $300,000. There There are currently 122 single family homes and 87 condos for sale in Port Hueneme. Median single family listed price: $1,457,000     Median condo listed price: $529,900.

In January 4 single family homes and 5 condos were sold in Port Hueneme. Median single family selling price: $2,100,000    Median condo selling price: $325,000.

There are currently 123 single family homes and 40 condos for sale in Santa Paula. Median single family listed price: $429,000    Median condo listed price: $293,150.

In January 7 single family homes and 5 condos were sold in Santa Paula. Median single family selling price: $450,000   Median condo selling price: $225,000.

There are currently 529 single family homes and 90 condos for sale in Simi Valley. Median single family listed price: $549,000    Median condo listed price: $340,000.

In January 32 single family homes and 8 condos were sold in Simi Valley. Median single family selling price: $483,500  Median condo selling price: $330,500.

There are currently 309 single family homes and 129 condos for sale in Thousand Oaks. Median single family listed price: $719,000    Median condo listed price: $350,000 .

In January 31 single family homes and 8 condos were sold in Thousand Oaks. Median single family selling price: $688,000   Median condo selling price: $299,500.

There are currently 356 single family homes and 123 condos for sale in Ventura. Median single family listed price: $549,000    Median condo listed price: $334,900.

In January 34 single family homes and 8 condos were sold in Ventura. Median single family selling price: $502,450   Median condo selling price: $280,500.

There There are currently 170 single family homes and 76 condos for sale in Westlake Village. Median single family listed price: $1,882,000    Median condo listed price: $569,950.

In January 14 single family homes and 7 condos were sold in Westlake Village. Median single family selling price: $1,085,000   Median condo selling price: $529,000.

Source: Ventura County Regional Data Share