The National Association of REALTORS is actively lobbying the U.S. House of Representatives for specific changes to the H.R. 1 Bill, The American Recovery and Reinvestment Act of 2009.
In 2008 Congress introduced a $7,500 refundable tax credit in the Housing and Economic Recovery Act of 2008 (H.R. 3221), the amount taken by a homebuyer is to be paid back over a 15-year period. The major change under H.R. 1, is that he $7,500 would become a full tax credit – the homebuyer would not have to pay it back.
Near the end of 2008 NAR presented Congress with “Unlock America’s Economy” – a stimulus plan aimed at the housing market.
NAR will continue lobbying Congress to:
1) make it a true tax credit (not an interest-free loan)
2) extend the credit to December 31, 2009, and
3) make it available to all buyers (not just first-time buyers)
The
I just came across a helpful website on the current economic downturn and housing:
http://www.recessioninfocenter.com
The housing market is completely linked to our economy. Once our market starts to improve so will our economy.