The National Association of Homebuilders has representatives in Washington DC pressing for passage of a bill, “Fix Housing First.” I’m behind it and encourage you to get behind it as well. In a nutshell, the two key provisions are:

(1) The federal government would offer a tax credit of between $10,000 and $22,000 (depending on locale) to anyone closing on the purchase of a home, new or resale, by December 31, 2009. The credit would not have to be repaid, which is a major upgrade from a tax credit passed last summer; and

(2) The government would provide a federally-subsidized 30-year fixed rate mortgage of 2.99 for all home purchases, new and resale, closing by June 30, 2009. After that, the rate would be 3.99 for purchases closing by December 31, 2009.

This legislation is crucial to the turn around of the Virginia Beach real estate market. Visit

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www.FixHousingFirst.com for full details and a direct link to your Senator and Representative.