If you have been watching all of the endless back and forth and bickering in Washington recently you will appreciate what happened last night. Could it be that they have finally come up with a proposal that has real meaning as a stimulus to our economy. Senator Isakson is a former Real Estate Broker from the Atlanta area with his company becoming the biggest independent real estate company in Georgia. Senator Isakson remembers the early 1970's when there was a comparable housing crisis. It takes a Real Estate Broker to come up with the solution - excellent negotiating skills come through again.
"Last night, a unanimous voice vote added the Lieberman/Isakson Amendment to the Senate version of the Economic Stimulus Bill. 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 was scheduled to debate Amendment 353, a proposal 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 would have a tremendous impact on the housing market throughout the country"Write your congressman!
Please consult your tax advisor for further details before making any real estate decisions.
Comments (1)Subscribe to CommentsComment