Housing Stimulus Initiative

Hello All!

I just finished my last meeting this morning, and will be returning tomorrow...It has been GREAT!

As you are probably aware, the Housing Stimulus Initiative lead by Johnny Isackson was denied in the overall package, and they simply changed the original version of the $7,500 tax credit to first time homebuyers...

Here is what the changes, of what we understand right now, mean:

• $8,000 Tax Credit for FIRST TIME HOMEBUYERS only (increase of $500)
• Does NOT need to be paid back (considerable change)
• Begins on purchases as of January 1st, 2009
• Only available to an individual earning less than $75k, and couples up to $150k
  

That is a quick breakdown...Not at all what was hoped for, BUT there may be more to come...MAYBE!

NAR is lobbying to push a separate initiative specifically to address the housing situation...this will be pushed over the next two weeks.

Apparently, President Obama has indicated to NAR that the first step was to address the Economy, and then address the housing scenario.

NAR is working very close and hard to get other initiatives forward...they will probably not be exactly what we believe will stimulate enough, but every step will be a step further than where we are today...

Over the next week, the full details will be understood in clear detail, but for now, what is above is the closest I can get an understanding of...

THIS IS SOMETHING YOU NEED TO UNDERSTAND AND EMAIL TO YOUR FRIENDS AND CLIENTS!!!!!