Well, after a surprisingly quick compromise Congress moves to put the finishing touches on an economic stimulus bill boasting nearly 800 billion dollars worth of stimulation! Minus a $15,000 tax credit that was expected to encourage home buying. Looks like that provision was chopped out to appease some lawmakers on board. What we have here is something that everyone can dislike. Republicans dislike the spending on many of the programs, Democrats have given up on several programs to appease the Republicans, and the President will not get some of his projects regarding education in the package.
The National Association of Realtors released this press piece today which covers some of the bills highlights:
On a bright note, the first time home buyer tax credit of up to $7500 will no longer need to be repaid under this new bill. A collective "YEAH" can now be heard from many first time home buyers. Although I doubt that will be enough to break loose many of the buyers that have been avoiding the market. Time will tell...hopefully there is some left!