Housing Tax Credit Bill Being Reintroduced

Right now the $8,000 tax credit has first time home buyers house hunting for bargains. But the housing market continues to be little more than sluggish, with rates creeping up in recent weeks causing a decline in mortgage applications.

Senator Johnny Isakson of Georgia has reintroducing his $15,000 housing tax credit that has no income limit or first-time homebuyer status requirement.  Business Roundtable in New York adopted this tax credit as its number one suggestion to the U.S. Government as the one thing we can do to turn around the American economy.  Here is Senator Isakson explaining his bill.  (Video runs 5:43)

How do you feel about this bill? Do you think it will stimulate the economy? Do you think it will restore the real estate market? Would passing this bill make any difference to you in regards to the housing market?

We’d love to hear your comments. Just click the comment link below and tell us what you think after hearing this bill explained.