Is this good news for the housing market? Time will tell – but as lawmakers struggle to pass housing bills, the loss of jobs across the country continues to drag down all the efforts. With interest rates climbing, despite efforts to keep it low – who knows how long it will take to settle down. One thing is for sure – it will begin to settle and improve. Visit often for updates on how this bill can help you in purchasing and / or selling your home.
"Housing could get a big boost from the latest addition to the mammoth stimulus bill working its way through Congress.
Senate legislators unanimously approved a proposal Wednesday that would allow a tax credit for home buyers of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break but only for first-time homebuyers.
"It is time to fix housing first," said Sen. Johnny Isakson, R-G.
Isakson's office said the proposal would cost the government an estimated $19 billion. In all, the stimulus is now topping an estimated $920 billion.
In an op-ed that appears in Thursday's Washington Post, President Barack Obama painted a dire picture if Congress fails to move quickly to pass the stimulus bill.
"This recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse," Obama wrote in the op-ed titled, "The Action Americans Need."
Source: The Associated Press, David Espo (02/05/09)