With Congress trying to help America’s future and the economy and the start of the Obama administration looming on the horizpn there is a flurry of activity in Washington D.C. You may find yourself asking how this effects us here in Malibu?
Well the simple answer is that it effects all of us. There is a bill which is backed by the National Association of Realtors was heard by the house last Friday. The bill aims to stabilize house, address foreclosures and stimulate the economy and the markets.
Entitled; H.R. 384, The TARP Reform and Accountability Act, 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 – something which has long been proven by the National Association of Realtors own statistics, particularly recently with the rate drops that have occured in the last few months.
The bill has provisions to extend the provisions of the Emergency Economic Stimulus and Stabilization legislation of 2008. The National Association of Realtors supported these bills and it trying to persuade for foreclosure relief, extension to the commercial real estate sector as well as the $7,500 first time buyer repayment requirement to be removed.
If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.
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