My Real Estate Blog

In the link below is a good Wall Street Journal article, and with the new stimulus bill now passed by both the house and senate, and with it being signed by the president on Tuesday – this market will be even bigger!

The new Stimulus provides a lot for our industry:

1. $8,000 tax credit for 1^st time homebuyers (defined as not owning a home the last three years just like the current provision) but it is a pure credit. There is language about possible repayment in first three years if sold – we will send the details after signing by the President. The credit is also retroactive to January. Again, advise your client to read the final language as signed and we will send a final comparison out after Tuesday to all managers.

2. Raising loan limits back to last year’s levels. This will help especially in higher sales price markets.

http://online.wsj.com/article/SB123431356988570855.html