Get Stimulated

The Keys2Day Team is spending the next few weeks focusing on sharing and gathering information designed to help real estate professionals, buyers and sellers move through this market productively. 2Day's topic - the economic stimulus legislation and how it can effect the real estate market.

OK here's the latest - Senate Minority Leader Mitch McConnell, R-Ky., told reporters Monday that "a stimulus bill must fix the main problem first, and that's housing." He promised that Republicans would offer a plan to have the government step in to reduce mortgage rates to the 4 percent range, which could shore up home prices and lower housing payments for millions of Americans.

On the other side of the isle Sen. Charles Schumer, D-N.Y suggested Democrats would support a GOP-backed idea to double a home buyers tax credit from $7,500 to $15,000 and make it available to all home buyers instead of those purchasing their first home.

OK this actually sounds stimulating. Not like the so called Housing Stimulus Bill championed by both Democrats and Republicans last year. You remember the one that raised the FHA down payment requirement from 3% to 3.5%. Yeah bring more money to the table in a recession Oh yeah that's what I call stimulus. The craziest part about it? There were politicians trying to explain this provision as if it made sense.

What do you think about the suggestions offered by Sen. McConnell and Sen. Schumer? Can we expect these ideas to revive the market? Would you be more likely to purchase with these incentives? Talk to us.