Weichert Sees New Housing Bill Aiding an Already Improving Real Estate Market
Weichert Sees New Housing Bill Aiding an Already Improving Real Estate Market
At the start of the year, James M. Weichert, president and founder of Weichert, Realtors(R), one of the nation’s largest privately-held real estate companies, called upon Congress to take action to stimulate the struggling economy amid growing national concern.
Specifically, Weichert proposed a tax credit for home buyers to rejuvenate the slowing housing market. A little more than 6 months later, Weichert’s proposal has become policy as the Housing and Economic Recovery Act of 2008 was signed in to law.
“I want to commend Congress and the President for their quick passing of this important legislation. I was particularly pleased to see that this bill included a tax credit for homebuyers. This was something we knew was a critical component in terms of our economic recovery and we lobbied hard, along with the National Associations of REALTORS(R) and others, to make it a reality.”
The Housing and Economic Recovery Act is expected to bolster the housing market - one of the largest and most vital sectors of the overall economy - by providing added incentives and opportunities for homebuyers. The bill provides for a $7,500 tax credit for first-time homebuyers while also permanently raising loan limits to increase buyers’ ability to get the financing needed to purchase homes in higher-priced markets.
“The passing of this legislation is great news, particularly for anyone thinking about buying their first home,” said Weichert. “The current market already presents a great opportunity for first-time buyers when you consider interest rates remain historically low, home prices continue to be more affordable than in recent years and there is a large supply of homes to choose from. Now with the added incentive of a sizeable tax credit, it would be hard for me to resist if I was a first-time buyer.”
The new legislation also addresses several issues that have hampered the mortgage industry for the past year and in turn had a negative impact on housing. The recovery act will provide assistance for more than 400,000 homeowners at risk of foreclosure to stabilize the housing supply. In addition, the housing bill provides greater financial backing for Fannie Mae and Freddie Mac.
SOURCE: Weichert, Realtors
Weichert Doug Hoekstra, 973-397-3578 dhoekstra@weichertrealtors.net
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