NEWS UPDATE: In-depth look at homebuyer tax credit

Inman News has just posted the most thorough breakdown I've come across of the economic stimulus package and how the $15,000 homebuyer tax credit relates to the real estate industry.

Click here to read the article

The Inman News article states that "the National Association of Home Builders welcomed the Senate's move, saying a $15,000 tax break for all home buyers could generate nearly 500,000 home sales and create more than 255,000 jobs."

The Inman article also noted:

"The Senate today approved an $838 billion economic stimulus bill that includes a $15,000 homebuyer tax credit, just hours after President Barack Obama's new Treasury secretary unveiled a multitrillion-dollar financial stability plan that includes $50 billion for foreclosure prevention programs.

"The financial stability plan may also lead to an expansion of existing efforts by the Federal Reserve to drive down mortgage interest rates by buying mortgage-backed securities and debt issued by Fannie Mae, Freddie Mac and Ginnie Mae."

I will post more information as it is released. If you have comments, questions, or more helpful materials to share, please contact Sean Cutright at scutright@deltagroup.com.