$789 billion Economic Stimulus Package Falls Short
By now you have all learned that the stimulus bill will soon become law. Well, it misses a major component, it misses the proposal to provide a $15,000 tax credit to homebuyers. It was removed from a $789 billion economic stimulus package.
Housing got us into this mess and housing could have gotten us out of the mess. If people started buying houses again, it will immediately put people to work. It would put the people involved in the transaction back at work.
The purchase of a house immediately puts to work real estate agents, appraisers, lenders, banks, home inspectors, repair people, closing attorneys, builders to complete the homes, appliance manufacturer, moving companies, and a whole multitude of people will be needed. With the typical transaction taking 30-60 days to complete it would have put money immediately into the economy.
Then, once home inventory starts to shrink, builders would start building again. Next, home buyers would need new furniture to fill the home. Then the new buyer is at the local hardware store buying paint to paint a room. This is trickle down economics. It puts a multitude of people back to work.
It is a shame that the politicians missed this opportunity. The housing industry could have been our ticket out of this economic malaise.
To contact Mark go to www.AtlantaHousingSource.com
