It apprears that the Senate has agreed on a piece of legisation to help stimulate the housing market.  One of the provissions that apparently would be included in the legislation would authorize a tax credit of $7,000 for anyone that purchases a foreclosed property.

While it may be questionable if the amount of this tax credit is significant enough to spurr increased sales of foreclosed properties.  It just may be enough to spur developers to purchase these properties, fix them up and put them back on the market at an increased value.  I think we can agree that a reduction in the number of these properties on the market can only be a good thing.

I am interested to hear others perspective on this specific provision in the housing bill.

 

First Time Home Buyers
03/30/2008
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This post is designed for those potential buyers that have been looking but have yet to "pull the trigger". While the media keeps everybody thinking that the economy is aweful, lets think about some important points. 1)If you are planning… more
Purchase and Sales Agreement
03/29/2008
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Let me start by saying that you should have your purchase and sales agreement reviewed by and attorney before you sign it. I am going to give you some of the things that you should make sure are in the purchase and sale from a buyers perspective… more
Short Sale
03/28/2008
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In this market, a number of people find themselves "under water". That is, the value of their home is less than the amount they owe on it. This only becomes a problem if the owner has to sell or needs to refinance because of an upcoming… more
Real Estate Closing Process
03/25/2008
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We in the industry often forget that a lot of people are new to the closing process. It is with that thought in mind that i write this. I will start at the beginng, with a buyer finding a house. When the buyer finds a house they like, the first… more
JP Morgan Purchases Bear Stern
03/16/2008
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So JP Morgan has purchased Bear Stern. Think about late last week. The Fed pushed JP Morgan to be the conduit to allow Bear Stern not to fail. This without any down side for JP Morgan. Now, they purchase Bear Stern for 2 dollars a share. At the same… more
Boston Red Sox and spring training
03/14/2008
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Regardless of the weather not cooperating here in the North East, Spring is definitely here. the sox are playing in Florida and starting to make moves to get ready for the upcomming season. In fact, yesterday they released Doug Marabelli. At this… more
Spring Training and the Boston Red Sox
03/14/2008
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Okay so the weather may not be cooperating here in the North East, but spring is definitely hear. The Red Sox are playing and begining to make decisions to prepare them for the coming season. So the cut Maribelli yesterday. that makes room for Kevin… more
With Weather Like this can spring be far behind?
03/07/2008
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Okay so yesterday it was almost 60 degrees. The sun is shinning today but its a little cooler. Can spring be far behind? And with spring comes more people into the market to purchase homes. This happens every spring and there is nothing to indicate… more
Election Day
03/04/2008
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Okay, so its election day in my state and three others. Lets look at what we know. Two people want to make sure we all have health care. Well one says the other wont cover everybody. we have a couple of people who want to end the war in Iraq and one… more
 

P. Timothy McDonald

Warwick, RI

More about me…

P. Timothy McDonald, Esq.

Address: Warwick, RI, 02886

Cell Phone: (401) 580-5038

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