US Housing Market Recovery Bill:
On 27 Nov, 2007, an article by Joe Kay said the credit crisis reveals widespread accounting manipulation by top US banks. The whole situation got out of hand and that's why their housing market is in today's turmoil condition which threaten the economy as a whole.
If you remember last week I talked about the survey done in US saying home buyers believe the housing market will get better once the new President is in office. Well, it proves that the current government decided to deal with this housing crisis matter before the New President is being elected. July 31st, 2008, President Bush passed a the most welcomed new housing legislation aimed at ending the current cyclical downturn in the housing industry. You can go to my website to read the article in details http://rismedia.com/wp/2008-07-30/president-bush-signs-landmark-housing-bill-into-law/. This legislation is to help Americans avoid foreclosure, cracking down on predatory lending and providing generous tax incentives to encourage home ownership.
One of the major incentive of the housing bill is a temporay $7,500 first-time home buyer tax credit for the purchase of any home. This tax credit can be used for home purchase till June 30, 2009.
Getting back to the BC's housing market. Since most of us feel our market is so tied to the US market, now the fact is the US government is actively trying to bring the turmoil to an end. As a home buyer or investors, I strongly believe you should take the immediate soft market condition to get yourself in a good position before the rosy time's come back.