Housing Aid is in the Stimulous Bill
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hiHomebuyers could see lower mortgage rates and get tax credits as part of a sweeping economic stimulus package being considered on Capitol Hill.
Lawmakers are heeding the pleas of two powerful and well-heeled interest groups: real estate agents and homebuilders. Those industries have lobbied hard in recent weeks for more expansive assistance for their flailing members.
The Senate took up a $900 billion version of the stimulus legislation on Monday after an $819 billion version passed the House last week without a single Republican vote.
With median sales prices back to levels last seen in mid-2003 and rates on 30-year mortgages hovering around 5 percent, homes have become far more affordable in most of the country. But some economists say they still have farther to fall, particularly in former bubble markets like California and the Northeast.
Plus, some question the amount of money going toward relatively wealthy homebuyers, instead of renters or those who can’t qualify for a mortgage.
The Realtors group spent more than $17 million on lobbying last year, with more than $6.5 million coming in the final three months, according to disclosure forms.
The building industry, which has been devastated by the housing bust, has been pushing a package of subsidies that would bring mortgage rates to just under 3 percent for the first half of this year. The National Association of Home Builders – which spent more than $4.5 million lobbying last year – favors a tax credit of up to $22,000 for home purchases.
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[...] Thankful For Anything wrote an interesting post today onHere’s a quick excerpt Homebuyers could see lower mortgage rates and get tax credits as part of a sweeping economic stimulus package being considered on Capitol Hill. Lawmakers are heeding the pleas of two powerful and well-heeled interest groups: real estate agents and homebuilders. Those industries have lobbied hard in recent weeks for more expansive assistance for their flailing members. The Senate took up a $900 billion version of the stimulus legislation on Monday after an $819 billion version passed the House [...]
[...] Original post by [Technorati] Tag results for real estate [...]
[...] Original post by [Technorati] Tag results for real estate [...]
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