I just heard from a buddy of mine, Nick Bauer from the South Side Investment Group here in St. Louis, and here’s what he told me…
If you have been watching the news this week, you may have noticed that the debate in Washington has finally turned toward real stimulus for the housing industry. As a result, I believe that we could be on the brink of a substantial turn around in the real estate market. Now, it’s critical that we all join together and deliver a powerful message to our legislators that we support this stimulus.2 nights ago, the Lieberman/Isakson Amendment was included in the senate version of the Economic Stimulus Bill by a unanimous voice vote. This amendment would provide a Tax Credit to all home buyers at the rate of 10% of the sales price up to a limit of $15,000. The credit would be available for a one year period to all purchasers of primary residences. This week, the senate expects to debate Amendment 353, a proposal by Senator John Ensign (R-NV) that would provide 30 year fixed financing at a rate of about 4%, for anyone purchasing a primary residence. If these two provisions survive in the final passage of a stimulus bill they could have a tremendous impact on our industry. If they are coupled together with provisions to ease the flow of credit and reduce foreclosures, we could see an immediate and dramatic turn-around in real estate. I feel that these provisions represent real economic stimulus. They will put money in the hands of millions of homeowners, increase sales, stabilize home values and add more revenues to local communities in the form of property taxes.
I urge each of you to contact your senators and representatives to let them know that you believe these provisions are essential components of any stimulus bill. You can go to the official and web sites to locate the email and phone number of your legislators. This may be one of the most critical moments for the real estate industry in our time. Please pass this information on to anyone you might do business with. The outcome of this legislation will have a lasting impact on us all.
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3 responses so far ↓
1 Aaron Russo. Look me up. // Feb 12, 2009 at 1:54 pm
I will never give in to socialism, even if it looks like the legislation being bantered about is a stimulus bill. It is a false pretext to enslave future generations financially, and I won’t waver in my beliefs that I am a free person in all respects.
I was born free by country of birth. I was then born again, and summarily became spiritually free. I will remain free until I die, whether that be in a FEMA concentration camp (legislation was submitted, wake up, they exist), or with a pistol in my cold dead hand defending my right to property ownership.
2 Mike // Feb 12, 2009 at 2:21 pm
I could never support this legislation….the debt it puts on future generations is disgusting…the last time the fed did something to ease credit was the beginning of the current problem…
3 Dan Lyman // Feb 13, 2009 at 7:12 pm
FYI the $15000 tax credit was nixed (rejected) The only proposal I like ,in this capitalism killing bill ,is the $7,500 (now raised to $8000) tax credit for first time homebuyers.
Otherwise if this thing passes ,and it looks like it will, Its the END of America as we now know it We need Reagan type policies NOT socialism
As Reagen once said ” Goverment can not solve our problems … Goverment IS the problem”
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