President Obama signed the American Recovery and Reinvestment Act into law Tuesday afternoon. The $787 billion plan is designed to stimulate consumer spending and create jobs, in order to help families recover and prosper.
Realizing that an economic recovery is contingent upon improvements in the housing market, the package includes provisions that will help attract first-time buyers, reduce inventory, stabilize home values and improve liquidity in the overall mortgage market.
The bill specifically helps real estate in the following ways:
- Increases the first-time homebuyer tax credit to $8,000 and eliminates the repayment requirement.
- Reinstates the 2008 higher loan limits for FHA, Fannie Mae and Freddie Mac.
Both provisions were championed by the National Association of Realtors (NAR), which estimates that the new version of the homebuyer tax credit could stimulate up to 300,000 additional home sales.
Weichert - Phillipsburg is holding a Market Seminar Thursday, February 19th at 7 pm to discuss topics like:
1) What is the market doing?
2) Is it a good time to buy?
3) The benefits of selling your home with a short sale preventing foreclosure.
4) The economic stimulus signed into law.
5) Other real estate and financial topics.
Please attend at 604 Victory Ave (on Rte 22 by Walmart) in Phillipsburg, NJ 08865.
If you know anyone who may be interested in moving or if you are considering making a move, I'd be happy to help. Please feel free to call or email me.
Sincerely,
Jean Villa
Sales Representative
Weichert Realtors®
cell: (908) 319-9556
email: JVilla@Weichert.com
web: http://www.JeanVilla.com
Let me help you find the home of your dreams!
Let me help market your current home and get the best price for the least amount of time!
I am the real estate agent you need!
http://activerain.com/realtor_jean_villa
Review and search listings at:
http://ResideInStewartsville.com
http://WeichertStewartsville.com
http://WyndhamFarms.JeanVilla.com
http://GreenwichChase.JeanVilla.com
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