President Barrack Obama has signed a bill that will place nearly $800 million dollars into the economy. The bill is meant to help the economy and housing market and is different from the bill passed by the Bush administration months ago. The bill provides incentives to buyers so that demand can come back to the real estate market and homes that have been languishing on the market for months and even years can be purchased.
But perhaps the most poignant part of the bill is the part that deals with foreclosures. Foreclosures have long been thought to be the main problem with the current real estate market and this bill plans to take a good portion of them off the market. Through government regulation, distressed mortgages will be renegotiated between banks and homeowners to fit the current real estate market prices. Congress and the President are hoping pushing through the stalemate of homeowner/bank mortgage negotiations will speed up the recovery of the real estate market.
What do you think will happen with the real estate market in 2009?
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