January 09, 2009 – (RealEstateRama) — According to today’s Washington Post, members of the House and Senate Banking committees are backing provisions to help out with the housing situation, including a tax credit for first time home buyers and a government subsidy that would help lower the mortgage rates.
Outgoing Treasury Secretary Henry Paulson put forward an idea to restructure Fannie and Freddie in a similar fashion to other public utilities (like electric companies) with a commission to regulate returns.
What does this mean for Realtors® and consumers?
While the decrease in initial jobless claims is a good sign for markets, the number of people continuing to receive jobless benefits indicates that those laid off are having a difficult time finding new jobs. Also, the number of claims might be affected by the New Year’s holiday.
With Congress and the incoming Obama Administration ready to put together an economic stimulus package, lawmakers are starting to listen to economists who have been calling for housing related stimulus to help turn around the troubled economy.
By Steamboat Springs Board of Realtors
