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.