President Bush on Monday signed off on the $170 billion stimulus packaged approved by Congress last week, which, in addition to tax rebates for millions of working Americans and business owners, includes a vital, but temporary increase in the conforming loan limit.

The economic stimulus package will allow the Federal Housing Administration, as well as Fannie Mae and Freddie Mac to offer mortgages above the current conforming loan limit of $417,000 to as high as $729,750 in high-cost areas for loans originated between July 1, 2007 and Dec. 31, 2008.

Source: California Association of Realtors®

Mortgage Debt Cancellation Relief - H.R. 3648 - Public Law 110-142: General Information and Provisions

Individuals who are relieved of their obligation to pay some portion of a mortgage debt on a principal residence between January 1, 2007 and December 31, 2009 will not be required to pay income tax on any amount that is forgiven.

You can read more on Realtor.org

Having trouble with your mortgage?

FHASecure is a refinancing option that gives credit-worthy homeowners, who were making timely mortgage payments before their loans reset but are now in default, a second chance with a FHA insured loan product. This program could help you stay in your home.

Follow this link to learn more and check if you qualify.

The term “points” is used to describe certain charges paid to obtain a home mortgage.
Points may be deductible as home mortgage interest. If you can deduct all of the interest on your mortgages, you may be able to deduct all of the points paid on the mortgage.

You can read more home mortgage points deductions here.

The San Diego Market Report pages have just been updated with the real estate market trends for December 2007. Annual reports reflecting the global data for the year 2007 is also available on these pages.

These reports feature the latest local market trends data and analysis for both the central and south San Diego markets, including on the city level.

For your convenience, the market reports are available as PDF files:

• Central San Diego current monthly report:
• Central San Diego report for the year 2007:
• South San Diego current monthly report :
• South San Diego report for the year 2007:

You can also subscribe to automatic monthly Market Report Email Updates when you sign-in for the free and exclusive VIP ClayMadisen.com membership, simply ticking the ‘Market Reports Updates’ box featured on the page.