Will Home Buyers Stimulus Help Housing Market?

Late Wednesday evening, Senators reviewing the Economic Stimulus package agreed to expanding the package to include an $18.5 billion tax credit for home buyers.

The expansion was one of multiple revisions that have pushed the package past the $900 billion dollar mark since it has been in the Senate.

The home buyers credit would mean a $15,000 tax credit for home buyers purchasing a primary residence. The credit would apply for one year after the bill is signed into law. The goal of the credit is to boost new home sales which may help the ailing housing market.

The housing amendment was offered by Senator Johnny Iskakson R-GA and marked a victory for the Republicans who have been opposing the stimulus package because they feel believe it is ”excessive spending”.

President Obama took aim at Republicans opposing the bill proclaiming that Republican theories, “helped lead us into this crisis in the first place”.

Whichever side of the fence you stand on- most American homeowners are united in the belief that something must happen soon to relieve the affects the economy is having on the average American family. Homeowners struggling to pay their mortgage payments, homeowners insurance premiums and property taxes are facing foreclosure and other financial problems on the home front. Is the stimulus package a glimer of hope on the horizon?