Washington Working on New Bill to Help U.S. Housing Market
The U.S. real estate market continues to struggle with falling prices and home sales in every part of the country. The negative news reports make is hard to believe there are actually pockets where property values are holding steady, but we have to remember this is a localized industry. Chicago has been less affected than, say Los Angeles or Washington D.C., and even within Chicago there are neighborhoods that are doing better than others, like Lincoln Park and the Loop. Still, the big picture for residential real estate is not the prettiest, which is why the government is taking measures to improve the overall state of the national housing market.
A new bill has been floating around Capitol Hill this month that would, if approved, assist American homebuyers and homeowners. The proposed legislation includes several sub-sections, which would help real estate investors in a variety of situations. For instance, property-owners on the verge of foreclosure may be rescued from losing their home with the aid of Federal Housing Administration (FHA) fixed-rate loans. First-time homebuyers could get tax credits to the tune of $8,000. And the max cut-off for Freddie Mac and Fannie Mae mortgages (which are government-supported loans) would be raised, benefiting those who want to purchase more expensive homes without paying extra for a jumbo loan.
Find out the details of the legislative bill next time…
Posted at 12:56PM Jul 14, 2008 by Spencer Mason in General Comments[0]
