Wednesday, July 23, 2008

Housing stimulus package update

There is a housing stimulus package circulating through Congress now. Here is a general overview of the bill. First, there is a tax credit proposal that should lead one million more families to purchase a home. This will decrease the number of foreclosures and the surplus of inventory on the market. Second, more FHA products are being proposed, especially aimed toward helping first-time homebuyers. It will eliminate the higher down payment that is required if a home is located in a "declining market."

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