With the foreclosure numbers rising in many areas of the country, it makes sense that the government is concerned about the sheer number of homes on the market, in foreclosure and sitting empty throughout the country. Now some members of Congress hope to provide a tax credit for those that buy these homes and pull them off the market.
There are currently a record number of homes unsold on the market. In several weeks a part of the U.S. Congress, the Senate Finance Committee, will meet. There Republican members are trying to push through a measure that would equate to a stimulus plan for the housing market specifically.
Some believe this measure is in place because home builders, who are greatly hurting in such a situation, were "left out" of the current stimulus package that has been approved. The National Association of Home Builders announced that all political contributions to federal candidates and their political action committees would be stopped.
A stimulus package like this is not something new. A similar type of plan was put in place in the 1970's when the housing market had a similar surplus of homes unsold.
Even still, many economists and investors are leery that any of these stimulus packages will keep the country out of a recession. Some believe they are too late, others believe they are short lived boosts that will do little in the long term.
