Lawmakers in Washington are debating a bill that would assist struggling homeowners who are facing foreclosure. In the meantime, people in the Raleigh, Durham, Chapel Hill areas of North Carolina as well as real estate brokers are paying close attention to a key component of the bill–a $7,000 tax credit for new home purchases–which could possibly boost home sales.

According to a recent article in the News and Observer, which is following this story, lawmakers in Congress are hoping to ease the amount of foreclosures on a national scale with a $15 billion proposal that will provide home buyers with the following:

• More than $1 billion to help states issue $10 billion in bonds to refinance sub prime loans
• $4 billion to help communities that are hit hardest by foreclosures
• $100 million for counselors to assist homeowners who are at risk of losing their homes

However, this proposal would allow builders as well as other industries affected by the mortgage crisis to use losses from 2008 and 2009 to offset profits earned over the previous four years, instead of the usual two-year time frame. People in the Triangle area are having mixed feelings about the whole mortgage/foreclosure crisis. Dudley Price from the News and Observer interviewed Dave Servoss, chairman of Anderson Homes in Cary, NC who stated:

 A lot of this [national housing problem] was caused by overbuilding in mostly other places– California, D.C., Florida…This would have a negative impact on the builders that continued to make money and lets other builders not quite pay the penalty that is the price from overbuilding.

Among other proposals that are being considered, home buyers would be eligible for a $7,000 tax credit if they purchased a foreclosed home or a brand new home that’s just been sitting around. Also at issue is the fact that the Raleigh area has seen the influx of a ton of people who are relocating to the area. After all, Cary, NC is often referred to as the “Containment Area for the Relocation of Yankees,” and it’s true! However, many of these transplants are delaying buying a house because they’re still waiting for their other house to sell in the city that they moved from.

For more information on Raleigh real estate, contact Buyers Advantage Group today!

Tags: Triangle Real Estate, homes and community //