So if you have been watching the news this week, you may have noticed that the debate in Washington has finally turned toward real stimulus for the housing industry. If so, this could mean a real turn around in the real estate market.
Last night, the Lieberman/Isakson Amendment was included in the senate version of the Economic Stimulus Bill by a unanimous voice vote. This amendment would provide a Tax Credit to all home buyers at the rate of 10% of the sales price up to a limit of $15,000. The credit would be available for a one year period to all purchasers of primary residences.
In addition, today, the senate expects to debate Amendment 353, a proposal by Senator John Ensign (R-NV) that would provide 30 year fixed financing at a rate of about 4%, for anyone purchasing a primary residence.
If these two provisions survive in the final passage of a stimulus bill they could have a tremendous impact on the real estate market. If they are coupled together with provisions to ease the flow of credit and reduce foreclosures, we could see an immediate and dramatic turn-around in real estate.
These provisions will put money in the hands of millions of homeowners, increase sales, stabilize home values and add more revenues to local communities in the form of property taxes.
Please contact our US Senators, Bill Nelson, and Mell Martinez and our representatives, Corrine Brown, to let them know that you believe these provisions are essential components of any stimulus bill.
The outcome of this legislation will have a lasting impact on us all, even if you aren't currently a homeowner, but may be in the future.
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