The 39 countries? Mostly Boston, Nashville TN and Denver. But the Wine Country counties of Napa, Sonoma and Moneterey of Califnrnia as well as San Diego were the only California counties to be increased.
The Housing and Economic Recovery Act of 2008 (HERA) established the baseline loan limit at $417,000 and mandated that, after a period of price declines, the baseline loan limit cannot rise again until home prices return to pre-decline levels. The $417,000 loan limit will stay the same for 2016 because FHFA has determined that the average U.S. home value in the third quarter of this year remained below its level in the third quarter of 2007.
San Francisco and Los Angeles, already unaffordable, did not see an increase in the maximum conforming loan limit.
But Denver and Boston made the list of high-cost areas worthy of an increase in maximum conforming loan limit.
You may wonder why California’s elite wine growing counties qualify for higher conforming loan limits than other counties with severe affordability issues? Blame the mechanical nature of HERA (The Housing and Economic Recovery Act of 2008). Or The Greek Goddess of Housing Bubbles and Un-affordability.
Suffice it to say most of California’s wine growing counties are tickled pink.