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On July 30, 2008, Bush signed the Housing and Economic Recovery Act of 2008. Intended to stabilize financial markets, this measure is regarded as the most significant housing legislation in decades.
Housing Bill Highlights Include:
- $7,500 first-time homebuyer tax credit towards the purchase of a home
- Mortgage relief for struggling homeowners
- Low income housing tax credits for more affordable rental housing
Mortgage relief means fewer foreclosures. With a decreased number of homes on the market and an increased demand from buyers with tax credits, the real estate market is on the upswing.
The demand for real estate agents, brokers, appraisers and home inspectors will increase as more buyers enter the market. Trained real estate professionals will play an important role in facilitating the housing bill, but turning homeownership dreams into reality will be the most rewarding part of this career choice.
By Danielle Macklin, Allied Real Estate School, Real Estate Agent LicenseLabels: Housing and Economic Recovery Act of 2008, Real Estate Market