July 30, 2008

SPRINGFIELD, Ill.? The Housing and Economic Recovery Act of 2008 (H.R. 3221) signed into law by President George W. Bush on July 30 will help stabilize the Illinois housing market, bolster buyer confidence and offer a lifeline to many facing foreclosure, according to the Illinois Association of REALTORS.

?Illinois REALTORS applaud the President and Congress for passing the housing stimulus bill,? said REALTOR Kay Wirth, president of the Illinois Association of REALTORS. ?This legislation and particularly the tax credit will help first-time homebuyers who?ve been on the sidelines waiting for the economy to improve to take that important step up to homeownership. The significant provisions of this bill should bring some stability back to the housing market in Illinois and across the country.?

The REALTOR Association has long supported many of the reforms included in the federal housing stimulus legislation.

The federal law not only shores up the nation?s mortgage markets but also offers refinancing relief to thousands of qualifying homeowners struggling with sub-prime mortgages and the threat of foreclosure, Wirth said.

There also are incentives for those looking to buy a home including permanent higher limits for FHA loans, a temporary increase in VA mortgage loan limits, and a tax credit up to $7,500 for first-time homebuyers.

?First-time homebuyers have until June 30, 2009 to take advantage of the $7,500 tax credit, and can benefit at this time as well from the large selection of homes available on the market and affordable mortgage interest rates,? Wirth added.

The Illinois Association of REALTORS is a voluntary trade association whose 55,000 members are engaged in all facets of the real estate industry. In addition to serving the professional needs of its members, the Illinois Association of REALTORS works to protect the rights of private property owners in the state by recommending and promoting legislation that safeguards and advances the interest of real property ownership.

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