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Real stimulus for the housing industry

By
Real Estate Agent with RE/MAX Country

If you have been watching the news this week, you may have noticed that the debate in Washington has finally turned toward real stimulus for the housing industry. As a result, we could be on the brink of a substantial turn around in the real estate market. Now, it's critical that we all join together and deliver a powerful message to our legislators that we support this stimulus.

Last night, the Lieberman/Isakson Amendment was included in the senate version of the Economic Stimulus Bill by a unanimous voice vote. 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 expects to debate Amendment 353, a proposal by Senator John Ensign (R-NV) 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 could have a tremendous impact on our industry. If they are coupled together with provisions to ease the flow of credit and reduce foreclosures, we could see an immediate and dramatic turn-around in real estate.

These provisions represent real economic stimulus. They will put money in the hands of millions of homeowners, increase sales, stabilize home values and add more revenues to local communities in the form of property taxes.

I urge each of you to contact your senators and representatives to let them know that you believe these provisions are essential components of any stimulus bill. You can go to the official Senate and House web sites to locate the email and phone number of your legislators.

This may be one of the most critical moments for the real estate industry in our time. Please pass this information on to anyone you might do business with. The outcome of this legislation will have a lasting impact on us all.

Comments (4)

Colleen Fischesser Northwest Property Shop
NextHome Experience - Chelan, WA
A Tradition of Trust in the Pacific NW since 1990!

Not sure what's more important right now, to not hold my breath or keep my fingers crossed! Something's got to happen though, and I will remain optimistic it will be well received.

Feb 05, 2009 07:46 AM
Brian & Marie Spray
www.DFWAreaRealtors.com - Action Realty Group - Frisco, TX
Frisco TX Realtors

Frank - well put and very succinct!  Without a housing turnaround we will not have an economic turnaround!  Spending billions and billions on pet projects won't do it!  I'm going to re blog this for my clients!

 

Thanks,
Brian.

Feb 05, 2009 08:00 AM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

IMO, any money that is credited back to the consumers i.e. home buyers would be of greater benefit to all in the long run than giving it to CEOs of the corporate world.

Feb 05, 2009 08:15 AM
Wendy Welborne-Kimery
Keller Williams-Lake Norman Mooresville,NC - Mooresville, NC

Thanks for keeping us up to date.

Feb 05, 2009 08:17 AM