Housing Tax Credit Being Pushed Through Congress

Because of the effect the slow housing market has had on the general economy, many lobbyists have been in our nation’s capital urging congress to pass some important legislation that would have a dramatic impact on the housing industry. The housing stimulus legislation has been a hot topic for both the House and the Senate, and both houses have been working hard to come up with some sort of an agreement. Well, things appear to be coming along rather well, and it’s possible the legislation will be put in front of the President before the end of July!

The housing stimulus legislation will provide many incentives for purchasing a new home. And it makes sense, if these incentives are enough motivation, the housing stimulus legislation could jump start the housing market. And, I think the proposed legislation is enough to do just that. What’s currently being discussed is a substantial tax credit for first-time homebuyers. However, it is only a temporary $8,000 tax credit, but even having it for a little while could stabilize house prices and mortgage credit quality tremendously. A couple of other key provisions will ideally provide some relief on the mortgage foreclosure front and strengthen FHA and government sponsored enterprises, since these are some key components of the mortgage industry.

Have no worries, AtlantaRealEstateForum.com will keep you well informed of the status of the housing stimulus legislation. If the tax credit is approved by the President, it would make now the best time to buy a new home in Atlanta, before the tax credit expires. So be sure to check back here regularly for Atlanta real estate updates.