The Senate is debating a housing stimulus plan that includes some of the following proposed legislation:

• $4 billion in community block grants for states and local governments to buy and refurbish foreclosed properties
• New bond authority for states that can be used to refinance subprime mortgages
• Tax credits for people who buy and occupy homes in or near foreclosure

There is more to this plan, but I'm hitting the highlights. If this proposed stimulus plan passes with the legislation above it could mean a huge boon to our market. Just the tax credits for buying and occupying foreclosures will give this market a vital shot in the arm.

I believe we as Realtors need to be supportive of efforts to boost the current market and our economy. Traditionally the view has been "let the market speak for itself". However in unique circumstances some government intervention can be beneficial.

An excellent example of this is the sheer number of foreclosure properties on the market. We've always had foreclosures, but due to an unusual set of circumstances compiled together brought the percentages to where they are today. In order for the market to begin stabilization these properties need to go. The proposed legislation can only help.

 So, is there hope on the horizon? Time will tell, but this is certainly a step in the right direction. And one I believe many of us are more than ready for.