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Another day, another demand-side stimulus for the housing market. Huzzah. In the sprawling 407-page stimulus bill, nestled in on page 111, Congress authorized a reinstatement of 2008's temporary conforming loan limits. Effective immediately, home loans in high-cost areas can be insured by Fannie Mae or Freddie Mac up to $729,750....
Taking a step back from the headlines, we clearly see the other side of the story, the one that shows that the number of buyers are increasing; that builders are cutting back; that banks are keeping homes off the market; that Fannie Mae is giving investors permission to bid at auction. The Supply and Demand curve is shifting. It's providing the framework for a national housing recovery.
