Greater Columbia, Chapin, Irmo, Lexington and Lake Murray.

Thursday, February 5, 2009

REAL change for Real Estate and the Economy!

Urgent Message from Mel Coker

If you have been watching the news this week, you may have noticed that the debate in Washington has finally turned toward real stimulus for the housing industry. As a result, I believe that we could be on the brink of a substantial turn around in the real estate market. Now, it’s critical that we all join together and deliver a powerful message to our legislators that we support this stimulus.

Last night, the Lieberman/Isakson Amendment was included in the senate version of the Economic Stimulus Bill by a unanimous voice vote. This amendment would provide a Tax Credit to all home buyers at the rate of 10% of the sales price up to a limit of $15,000. The credit would be available for a one year period to all purchasers of primary residences.

Today, the senate expects to debate Amendment 353, a proposal by Senator John Ensign (R-NV) that would provide 30 year fixed financing at a rate of about 4%, for anyone purchasing a primary residence.
If these two provisions survive in the final passage of a stimulus bill they could have a tremendous impact on the real estate industry. If they are coupled together with provisions to ease the flow of credit and reduce foreclosures, we could see an immediate and dramatic turn-around in real estate.

I feel that these provisions represent real economic stimulus. They will put money in the hands of millions of homeowners, increase sales, stabilize home values and add more revenues to local communities in the form of property taxes.
I urge each of you to contact your senators and representatives (immediately) to let them know that you believe these provisions are essential components of any stimulus bill. You can go to the official Senate and House web sites to locate the email and phone number of your legislators.

This may be one of the most critical moments for the real estate industry in our time. Please pass this information on to anyone you might do business with. The outcome of this legislation will have a lasting impact on us all. I appreciate your assistance on this urgent matter.

In the Columbia area, contact your Representatives in Washington (DO THIS NOW!):
Senator Jim DeMint:
Senator Lindsey Graham:

Representative Joe Wilson:

Live elsewhere?
Find your Senator: Click Here
Find your Representative: Click Here (type in your zip code)

Read Mel Coker's letter sent by email: Click Here

Thank you.
Mel Coker

1 comment:

Miami Beach Homes said...

Hopefully this stimulus will go a long way in getting buyers off the fence and helping homeowners stay in their homes. Great post.