Bush Signs $170 Billion Economic Stimulus Package
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This afternoon President Bush signed the $170 Billion Economic Stimulus package into law. Last week, Congress gave overwhelming final approval to the Economic Stimulus Package supported by National Association of Realtors (NAR) and REALTORS® across the country. As a result, the government will be sending payments to most American households and grant tax incentives for business investment.
President Bush called the stimulus plan "booster shot for our economy."
The legislation includes the requested GSE and FHA loan limit increases strongly backed and lobbied by NAR. The increased GSE loan limits means borrowers will see immediate relief with new liquidity in the mortgage market and the nation will see an additional 300,000 home sales.
These provisions will help struggling homeowners that are getting clobbered by the housing collapse and the credit crunch refinance into more affordable mortgages.
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| Florida Real Estate In Trouble? |
 Is Florida real estate in deep trouble? It seems that way in the media even though home sale prices remain fairly stable in most markets, and volume remains high by historical standards.
Nationally, 2007 was the fifth-best year of sales in U.S. history, according to Lawrence Yun, senior economist, National Association of Realtors® (NAR). "Now that mortgage conditions have improved, some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels," he says.
NAR statistics indicate existing-home sales for 2007 will probably total 5.66 million, rising to 5.70 million this year and 5.91 million in 2009. In Florida, approximately 160,000 existing homes and condominiums were purchased during the first 11 months of 2007, according to FAR statistics. That's a decrease from the market's peak in 2004-05, but still a healthy level of activity.
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McCoy-Freeman Group
RE/MAX ELITE
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Serving Florida's Space Coast
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Customers deserve Real Estate Agents who will get the job done quickly and efficiently.
That's what we're good at, going the extra mile and providing excellent personal customer service combined with impeccable market knowledge.
Jennifer McCoy
(321) 720-6654
Bobby Freeman
(321) 693-1694
Nikki McCoy Freeman
(321) 537-2291
Contact us
RE/MAX ELITE
142 N. Orlando Ave., Suite 300
Cocoa Beach, FL 32931 (map)
38 Suntree Place, Melbourne, FL 32940 (map) |
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