Conforming loan limits remain the same- gee thanks

The good ol' folks in DC announced today that the maximum 2008 conforming loan limit for single-family mortgages purchased by Fannie Mae and Freddie Mac (the all-mighty Enterprises) will remain at the 2007 level of $417,000 for one-unit properties for most of the U.S.

Higher limits apply to Alaska, Hawaii, Guam and the U.S. Virgin Islands as well as to properties with more than one unit.

Helloooooo people over there...with median home prices in the Bay Area running in the mid 6's, that won't help much. You can barely even find a condo here for $417,000! Yes, prices are falling in general, but not everywhere.

Here is the good news: In October, powers that be (Office of Federal Housing Enterprise Oversight) said it would leave the conforming loan limit at $417,000 in 2008, no matter how drastically prices declined in 2007. But if cumulative home-price declines in 2006, 2007 and 2008 exceeded 3 percent, the limit would be adjusted accordingly in 2009, OFHEO proposed. In addition, a bill approved by the House in May, HR 1427, would allow Fannie and Freddie to securitize loans up to $625,000 in areas where the median home price exceeds the conforming loan limit.

Is this really good news? Let's listen to the market and see.

Childproof your home in minutes!

So my daughter is becoming mobile. I got down on all fours, which, coincidently is right at her level, and went exploring through my house. Oh the things that I saw. Oh man, we are in for it.

As I am taking her around to other people's homes I am realizing how unsafe many homes are for the tots in our lives. The holidays are upon us...is your home safe for all of the new additions to the family?

I recently had the pleasure of meeting Mark Altman, founder and owner of The Childproofer, a company which specializes in creating safer spaces for kids. I met Mark at the home of one of his clients and was able to see firsthand how important it is to make sure your home is safe.

Click the following link to hear a few things Mark has to say:

And be sure to check out www.calpoison.org/public/plants.html to see if you are housing any poisonous plants in your home.

Be safe and happy holidays.

My new assistant

"Are you looking to buy or sell a house? Then talk to my Mommy." ~Melia

Ok, so I haven't been blogging lately. Why? do you ask? Well...many of you know, but some don't, that I had a baby girl in June. Yup. I have added an adorable little assistant to my team. Her name is Melia. She is a superstar and the best sidekick a mom could ask for. She comes with me everywhere: on tour, to show property, and she has even been to several signings since being born!

Please help me in welcoming Melia to the world of juicy real estate.

Historical Real Estate Market Quotes to Ponder

1947: "The prices of houses semm to have reached a plateau and there is reasonable expectancy that prices will decline. " -Times Magazine

1948: "Houses cost too much for the mass market. Today's average price ($8,000) is out of reach for 2/3's of all buyers." -Science Digest

1969: "The goal of owning a homes seems to be beyond the reach for most americans ($28,000). -Business Week

1981: "The era of easy profits in real estate may be drawing to a close." -Money Magazine

1985: "If you are looking to buy, be careful. Rising home values are not a sure thing anymore." -Miami Herald

1986: "Most econonmists afree...a home will become little more than a roof and a tax deduction, certainly not the lucrative investment it was." -Money Magazine

1993: "We're starting to go back to the time when you bought a home not for it's potential money-making abilities, but rather as a nesting spot." -Los Angeles Times (note that 1993 was the absolute low-point for real estate values in Los Angeles. Prices have sky-rocketed since.)

1993: "Financial planners agree that houses will continue to be a poor investment." -Kiplinger's Personal Financial Magazine

1996: "A home is where the bad incestment is." -SF Examiner

So what does this mean? Because real estate is cyclical it can never be a bad investment.

Whatcha gonna do wit all that junk?

Got junk? Don't know what to do with it? If you live in San Francisco, people will just throw it on the curb with a sign that says "free" and know that someone will take it. But here in the East Bay, we have some other options for you.

WOMEN'S DAY TIME DROP IN CENTER

WDDC is located in Berkeley and is a drop in center for homeless women and children. They are looking for slightly used living room furniture, pots and pans, and they can always use women's toiletries, diapers and formula. New clothes gladly accepted. http://www.womensdropin.org/

1-800-GOT-JUNK

They will take away almost anything – from old furniture and appliances to yard waste and renovation debris – including many things that your local garbage company won’t typically accept. www.1800gotjunk.com

STOPWASTE.ORG

Got e-waste, such as computers, tv's, printers or cell phones? Got medicine or thermometers? Go to www.stopwaste.org to find the next e-waste drop off event. Click here for a catchy tune by Jack Johnson on the 3-R's: reduce, reuse, recycle.
http://www.artistdirect.com/nad/window/media/player/0,,3517839-7558494-WMLO,00.html

ALAMEDA COUNTY COMPUTER RESOURCE CENTER

http://www.accrc.org/

Household Electronics Pick-Up Service
Free for Berkeley residents. If you reside in Berkeley, they will come pick up your household electronics at no charge. Call the Electronics Pick-up Line at 528-4755 and leave a voice mail. If you live outside of Berkeley, AND even outside of California, go to the website to find out how to get rid of your computer.

BANANAS, INC.

Got old toys your little ones no longer play with? Consider donating them to BANANAS, a child care resource and referral service located in Oakland. http://www.bananasinc.org

JUNKBUSTERS.COM

Telemarketing, junk mail, spam, junk faxes- get rid of 'em. http://www.junkbusters.com/

Happy Spring Cleaning!