National Association of Realtors Announces President Bush Signing $700 Billion Rescue Bill

With much hype in the press about a rescue package for Wall street and the nation, President Bush has reluctantly signed off on the $700 billion rescue package.

The rescue package will allow the government to purchase $700 billion of bad mortgage debt and provide liquidity to the markets. The stock markets of course rallied slightly on the news as consumer confidence strengthened slightly. The legislation is wide reaching and is truly historic. When congress first dismissed the bill earlier in the week the Dow Jones Industrial Average plunged 777 points in one day, the largest in US history. However it finished the day down, but up from the historic drop. Clearly showing how important this legislation is for America.

What does this mean for the real estate market? By eliminating the debt from the banks and shifting the burden of the debt, the Federal Government hopes to free up cash for borrowers who are looking to purchase properties. This in turn will help the real estate market as a whole. 

The next few months therefore should bring an increased level of activity in the real estate market as buyers snap up bargains as the credit crunch eases its tight grip.

If you are looking at purchasing a property in Malibu or the surrounding Westsie region then please contact Judy Kunisaki on 310-317-8396 or via her website: www.judysellswestside.com