Stimulus Bill May Be Shot In The Arm For Mobile Eastern Shore Home Buyers 

It looks as if our legislators in Washington are finally making positive steps toward fixing the house mess by including housing legislation in the Economic Stimulus Bill.

Yesterday, the Lieberman/Isakson Amendment was included in the senate version of the Economic Stimulus Bill by a unanimous voice vote. This amendment would provide a Tax Credit to all home buyers at the rate of 10% of the sales price up to a limit of $15,000. The credit would be available for a one year period to all purchasers of primary residences.

Now, the senate expects to debate Amendment 353, a proposal by Senator John Ensign (R-NV) that would provide 30 year fixed financing at a rate of about 4%, for anyone purchasing a primary residence.

If these two provisions are included in the final passage of a stimulus bill they could have a positive impact on Mobile Eastern Shore home buyers.

Dave Liniger, co-founder of RE/MAX International has this to say about the proposed legislation: 

“I feel that these provisions represent real economic stimulus. They will put money in the hands of millions of homeowners, increase sales, stabilize home values and add more revenues to local communities in the form of property taxes.

I urge each of you to contact your senators and representatives to let them know that you believe these provisions are essential components of any stimulus bill. You can go to the official Senate and House web sites to locate the email and phone number of your legislators.”

This has passed the Senate, but the entire bill does need to go back to the House, and be signed by the President. There could be many changes before this happens, or not pass at all.

Hopefully, it is a shot in the arm for Mobile Eastern Shore home buyers and would help the housing crisis immensely as you can imagine.

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