White House Plan To Give Real Estate Market A Boost
The White House (with a cooperative Congress) has agreed upon an economic stimulus package that would put $150 billion into the hands of consumers and businesses. Hopefully, this “printing of money” will revive the market for large mortgages and increase real estate sales. All the while, a trickle down effect should occur, with sales for moderate priced homes as consumers find more spendable and discretionary income.
Economists say the measures, coming as the risk of a downturn rises, could boost growth this year by between three-quarters of a percentage point and a full point. One important provision temporarily raises the dollar limit on mortgages that can be bought or guaranteed by government-sponsored mortgage giants Fannie Mae and Freddie Mac.
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