February 16th, 2009
A full economic recovery is not possible without a housing recovery, and the Stimulus Bill contains two important housing provisions championed by the National Association of REALTORS®.
“We are pleased that Congress and the administration have taken prompt action to address the current economic crisis,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage Dallas-Fort Worth. “Job creation and tax cuts are going to help families recover and prosper, and these initiatives will help more people keep their homes and help others become homeowners.”
The bill contains a $8,000 tax credit for first-time homebuyers with no payback stipulation attached like the originally proposed $7,500 credit. Here’s what else has been achieved: the loan limits will be raised to $727,000 in high cost areas, interest rates have come down 125-150 basis points, and the bill has over $50 billion in it for foreclosure mitigation.
All that’s left now is for President Obama to sign this bill into law for it to take effect. REALTORS® across the country are looking forward to this bill being implemented swiftly and helping you the consumer with your real estate goals.
Now is a great time to buy in Wilmington… Call a REALTOR® today!910-231-5987
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