Real Estate Blog

How many home buyers will still be sitting on the fence after learning about the new $7500 tax credit for first-time home buyers? After President Bush’s previous hesitancy to endorse widespread government bailout of the foreclosure and housing crunch, it seems his pen is in full-on signing mode these days.

First it was raising FHA loan limits, then the housing bill to help homeowners escape foreclosure, and now a housing bill aimed to help first-time home buyers who are in need of cash–$7500 worth of cash. The bill is meant to provide a catalyst in the sluggish housing market by giving buyers incentive to act now. There is a time window–in order to get the credit, you have to buy a house between April 9, 2008 and July 1, 2009.

Free money? Hardly. If you want to play, you will need to pay. The government will allow you up to 15 years to pay back the $7500, free of interest. The first payment will be due two years from when you receive the credit.

Will this help to speed up the recovery of the housing market? 52 Lee Street wants to hear your thoughts. Chime in by commenting below.

Posted by Rebecca D. Levinson

See more here:

The ink from President Bush’s signature on the 2008 housing bill was barely dry when the first critical backlashes began circulating in Washington.

Read more from the original source:
Washington Report: Backlash over Housing Bill

Foreclosure relief for home owners may be getting all the press on the new housing bill signed into law by the President this Wednesday. But there’s plenty of tax-related goodies sprinkled through the bill’s nearly 700 pages for sharp-eyed real estate investors.

Here is the original post:
Investor Report: New Housing Bill and Tax Benefits

With home sales and prices down and unsold inventory up in many areas, the real estate market could use a jolt of good news — and Congress just provided it.

Original post:
Real Estate Outlook: Housing Bill Approved

The massive, 600-page housing bill heading to the White House is loaded with billions of dollars of new programs, financial assistance for troubled home owners, home buyer tax credits and even a new regulatory structure to oversee Fannie Mae and Freddie Mac.

The rest is here:
Washington Report: New Housing Bill