If you have watched or listened to the news this week, the biggest news story is Congress' attempt to pass the Economic Re-vitalization and Recovery Act, in other words a stimulus bill. The House sent a bill to the Senate with no Republican support and the Senate took a whack at it. The House version seemed fat on earmarks and special interest projects (sounds like business as usual), while the Senate voted unanimously to improve the bill with what may be some real relief for the housing industry. The Senate voted to provide Americans with a tax credit up to $15,000 on any new home purchases (we hope this will help jump start the housing market recovery). The difference between this credit and the $7500 credit offered in July 08 is its larger and it is not limited to first time home buyers. The details of the Senate's proposal are still sketchy right now, but talk on the Hill is that they hope to have this stimulus bill passed by President's Day (late February).
I'm eagerly awaiting the verdict and will immediately be on the phone to all my clients, hopefully sharing the good news!