On March 10, 2008, I wrote about the temporary increase in conforming loan limits to $729,750 (see http://realtyramblings.blogspot.com/2008/03/temporary-increase-in-conforming-loan.html). This increase expired at the end of 2008. As part of the economic stimulus plan just passed by Congress, this increase will be reinstated as soon as President Obama signs the bill into law.
Non-conforming loans typically have higher interest rates and loan costs. So this is good news for anyone who wants to purchase or refinance a home in expensive housing markets.