Let's Talk Real Estate

If you follow my blog, you are well aware of the fact that the first-time home buyer tax credit of up to $8,000 has helped to move housing inventory during an otherwise sluggish real estate cycle. Now, both legislators and the business community are hoping to build on the incentive's success by expanding it! A number of bills have been introduced in the House and the Senate that lobby for an expansion of the measure. Among the proposed changes are: Setting a new cap of $15,000 Extending the tax break into mid-2010 Making the benefit available to all home buyers, not just first-timers Offering a separate tax credit to $3,000 for borrowers who refinance Let's keep our fingers crossed! These proposed changes will benefit many home buyers and really stimulate the real estate market!

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. As a result, many believe that we could be on the brink of a substantial turn around in the real estate market. Now we need to make sure that our legislators support this stimulus. It is critical that we all join together and deliver a powerful message. 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. 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 sur