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The Housing & Economic Recovery Act of 2008
The passing today by Congress of House Bill 3221, "Housing and Economic Recovery Act of 2008", means great things for our industry and business.
With $300 billion in loans for troubled homeowners, this will reduce the number of foreclosures coming on the market. This means less inventory. Supply and demand start to adjust. The trend will be gradual, and will probably take the next year to make a big impact, but we’ll take it.
Along with the foreclosure safety net, the bill also offers a tax refund (really a no interest loan over 15 years) to any first time homebuyer of 10% of the purchase price, up to $7500, with income of less then $75k single, $150k married, as long as they close between April 9th of this year and June 30th, 2009 of next year. Yes, that means if you had a first time homebuyer close since the April 9th, they are eligible. Talk about an increase in demand!!!
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