Those of you that have been holding out purchasing Real Estate may have made a very good move! The Senate has just approved adding a housing tax credit of 10% up to $15,000.00, to the Stimulus Package, for purchasing a new or preowned home!
From what I understand this bill will need to be passed by the Congress, so write to your Congressman today to request that this bill be put forth.
Read what this Senator had to say about this bill and how it worked when he was feeding his family on a Real Estate commissions in the 1970s:
"But Senator Johnny Isakson, Republican of Georgia, a former real estate broker, who was the prime sponsor of the homebuyer credit, said it was modeled after a similar, $2,000 homebuyer incentive that helped lead the country out of recession in 1975.
“We do have a history in this country with housing and it goes back to the crash of 1974, which actually in terms of inventory and price declines was comparable to what’s happening now,” Mr. Isakson said at a news conference.
“Within one year of the inception of that tax credit, two-thirds of the available inventory that was on the market was gone. The market moved back to a balanced inventory, values stabilized and things became very healthy. The only reason I know all of that is I was selling houses in 1974, that’s what I was doing to feed my family and make a living.”
Kudos to Senator Johnny Isakson
You can write to your Congressman about this bill at:
Read the entire article here:
http://www.nytimes.com/2009/
