With much talk in Congress these last few months about a housing stimulus package as well as reforming the industry we have exciting news to report, last Friday the the H.R. 384, The TARP Reform and Accountability Act was introduced to the house of representatives.
This bill is backed by the National Association of Realtors and gives provisions for righting the housing market nationwide. The bill would require the Treasury Department to develop a program, outside the Troubled Asset Relief Program, to stimulate demand for home purchases and lower property inventories, by making affordable mortgages available for qualified buyers through interest rate buydowns. Quite a mouthfull!
The National Association of Realtors has long been a support of this and recent data shows that lower rates do indeed stimulate home purchasing as affordability is increased. The bill goes further than the Economic Stimulus Package of 2008 and aims to tweak existing legistlation to help prevent foreclosures in owner occupied properties as well as extend some of the emergency provisions to commercial real estate as well as residential.
With the start of the Obama Presidency looming, many are anxious to see what can be done! Visit the National Association of Realtors article on the bill to find out more.
If you are looking to purchase a property in New Albany, Gahanna, Blacklick, Westerville, or another Central Ohio community, please contact The Raines Group. We offer professional real estate advice and are happy to help you achieve your real estate goals. Please contact us today via our online contact form or by calling The Raines Group at 614-418-7417