National news tends to be full of bad news these days, it seems.  I thought that these items od good news ought to be passed along to the general public -- to provide a more accurate representation of the facts.

Housing and Economic Recovery Act of 2008

According to the Wall Street Journal, lawmakers have described the bill as the "most important piece of housing legislation in a generation." 

One nice outcome of this legislation is a great incentive to home buyers -- a $7500 tax credit.  (Even better than the $2000 I proposed back January in my post Economic Stimulus: A Lesson From Charles Dickens)

Consumer Confidence Rebounds in July

According to the Reuters/University of Michigan Surveys of Consumers, the index of confidence for July rose to 61.2 percent from 56.4 percent in June.

This indicates that consumers are feeling better about the outlook for the economy and housing market.

Analysts Optimistic About New Home Sales

According to the Commerce Department, sales of new single-family homes in June dropped less than half that had been expected. Additionally, June Building Permits were up 11% over May, and Housing Starts were up 9.1%.  Sales were up in two of the four regions of the country. Analysts said they saw cause for optimism that the housing market is beginning to see improvements after reaching the bottom.