Fabulous news in the housing bill!

Services for Real Estate Pros with Blackwater Consulting
Fabulous news on the housing bill being allowed to proceed by the White House: A $7500 first time buyer's tax CREDIT is part of the bill for anyone purchasing a home (first time) before July of 09! This tax CREDIT is worth about $15,000 in cash to a buyer and should be marketed heavily to your client base. Why? Think about it: Mom and Dad or Granma and Grandpa see that junior can receive such a credit, so they offer down payment assistance to help junior obtain a home. They can GIVE Junior twice the previously allowed money as a gift because Junior will receive that huge personal tax credit! It's a great thing for young buyers and I feel it will jump start a lot of activity for buyers! The bill might be signed this week. Get word out tol all you clients that this is a GREAT time for their kids to purchase that first home!

Comments (2)

Michael A. Caruso
Surterre Properties - Laguna Niguel, CA

Hi Mike,

Great news, thanks for sharing.  I will definately get the word out.  Have a nice week.  Michael A. Caruso

Jul 23, 2008 07:34 AM
Mike Parker
Blackwater Consulting - International, IT

Hi, Michael


From what I see, many view this bill as a "half full or half empty' kind of thing. I think any action that calms the market and the consumer is a good thing, and that incenting home ownership with tax credits is a great thing.

It's impossible to please everyone, but as I understand it, this bill should have a very beneficial effect on reducing foreclosures, as banks now have a solution that will protect them frm having to write down the non-performing loan to zero by switching it into their new gov't backed program. They'll take a loss, but not the fairlyland loss that the banking regulators require on all non- performing loans: to write the loan to zero on the books.


Banks are so highly leveraged that writing these loans to zero in any amount threatens their regulatory net worth and stability. I view the bill as a good thing.

Jul 25, 2008 04:13 AM