Summary
Weichert's plan differs from the other proposals because it is aimed at prospective homebuyers rather than existing homeowners, says Jace Botti, the company's head of residential sales. "Most of the stimulus plans have focused on providing support for at-risk homeowners that may be having trouble keeping up with their adjustable mortgages," she says. "We're looking for a stimulus to get [prospective homebuyers] who currently may be on the fence to make a move."
The real estate company's proposal, which the firm announced two weeks ago and would provide a tax credit for homebuyers beginning this year, is the latest in a series of measures that are designed to pull the housing market out of a deepening slump. In the wake of the subprime collapse, which has resulted in an escalating number of mortgage defaults and foreclosures, a tax credit would be a less costly and more stable way to bridge the gap between incomes and home prices, says Otteau.See the full content of this document
Extract
New Attempt at a Housing Turnaround
MORRIS PLAINS-BASED home seller Weichert, Realtors is pushing for congressional support for a tax-credit plan it hopes will drive more people to buy homes, thereby reinvigorating both the housing market and the economy. But while some real estate and economic experts say the proposed measure could help to increase home sales, the plan wou...
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