$7,000 tax credit for buying a foreclosure

A Senate bill in Washington aimed at helping Americans through the sub prime mortgage crisis may include funding of up2246558337_931c3a9697_m.jpg to $4 billion dollars to support a temporary $7,000 tax credit for people buying new homes or properties in foreclosure.

Ohio Senators Sherrod Brown and Sen. George Voinovich each have their own questions and concerns about the bill and its impacts on both Ohio residents and lending institutions reports the Dayton Daily News.

If you could claim a $7,000 tax credit for buying aq foreclosed house would you? Is it enough to get you to look exclusively at foreclosed properties? Our thoughts are that after the credit crisis and the lending practices get resolved these proactive measures will bolster the real estate market by removing some of the excess inventory. The long term consequences of this act could benefit millions of Americans and many here in Cincinnati. This will have impacts on the large lending as well, helping them to liquidate these properties and get back to what they do best – working with money not managing empty houses.

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