Foreclosure Bill Passed by US Senate

15 April 2008

Author: admin Posted under Foreclosure Filings

Finally, a new foreclosure bill has been passed by the Senate as part of the solution to the enduring crisis in the housing, credit and subprime mortgage industry.

In an 84-12 vote, the new measure included tax breaks to be enjoyed by home builders, $7,000 tax credit for buyers of foreclosed homes and also a total of $4 billion in community grants for the purchase and repair of abandoned properties.

Despite the approval of the bill, the White House is not supporting it citing the possibility of decreasing home values and the use of taxpayers’ money for foreclosure bailout purposes. In fact, the House will likely reject key recommendations included in the Senate bill including the $25 billion worth of tax breaks for businesses like home building, which will be enjoyed for three years.

This tax break suggestion was dropped last February from the economic rescue plan. Many critics said that such measure is very expensive considering the high probability that it will not stimulate the currently poor economic conditions.

The Senate has actually acknowledged such opposition and expects some changes in the foreclosure bill in the scheduled talks with the House and the White House. The Senate also believes that this is the first step towards finding a long-term solution to the current foreclosure crisis.

Whatever the outcome is; buyers and investors will surely benefit much from the large supply of affordable homes for sale. Right now, foreclosure properties are attracting much buyer interest because of their lower-than-average asking prices.

In fact, many buyers prefer these foreclosures over newly-built properties because of the large savings they get to enjoy. These buyers need only to be patient when checking out the millions of foreclosures for sale in the market.

If you want to enjoy the best deals as well as convenience in your foreclosure search, you should consider subscribing to foreclosure listings offered by Foreclosure-Support.