Housing & Economic Recovery Act of 2008

As expected, the President today signed the Housing and Economic Recovery Act of 2008 in to law. Thanks to our leadership on this issue, I am please to report that this bill includes the tax credit we lobbied hard to make a reality.

The passing of this legislation is great news not only for us as real estate professionals but also for the homebuyers and sellers we serve. This new law will help bolster the housing market and keep us on the path to recovery by providing:

·         A homebuyer tax credit for first-time buyers;

·         Permanently increased loan limits;

·         Assistance for more than 400,000 homeowners at risk of foreclosure;

·         The addition of a standard deduction for real property taxes;

·         Financial backing for Fannie Mae and Freddie Mac

As I told you several weeks ago, I remain convinced that we have reached the bottom of the market and will begin to see gradual improvement. Today’s passing of the new housing bill only strengthens my confidence that we are turning a corner.

Tell anyone that will listen that it’s a great time to buy real estate.