Housing and Economic Recovery Act of 2008
Posted by ERA Landmark Real Estate on
On July 30, 2008, President Bush signed into law the Housing and Economic Recovery Act of 2008 (aka The Housing Stimulus Bill) which is intended to stimulate the housing market, help prevent foreclosures across the nation, and strengthen the nation’s economy as a whole. The National Association of Home Builders and the National Association of REALTORS® have been top advocates of this legislation and its proposed effects of ending the cyclical downturn in the housing industry, as well as creating jobs.
The bill is, of course, very in-depth and detailed. However, some of the key points are summarized below:
A temporary first-time homebuyer tax credit of up to $7500 is intended to encourage aspiring homebuyers to move forward and make a purchase. It is…
4 Views, 0 Comments