The U.S. Senate working on their own version of the “Stimulus Package” last week came up with a compromise to gain Republicans support and added a Republican proposal to add a $15,000 tax credit for home buyers to the bill. The $15,000 credit would have been allowed to have been taken by the home buyer over a two year period. The credit also would not have been required to be repaid.
The proposal would have given a much needed shot in the arm to the housing industry and made it much easier for buyers to get into houses. With more buyers in houses the current inventory levels would have decreased and property values would have begun to recover.
According to this AP report that no longer matters as the Senate Majority Leader has announced that provision has been removed from the bill.
