The housing legislation known as the Housing and Economic Recovery Act of 2008 was signed into law by President Bush and contains several elements which should get home buyers back into the market, stop the decline in home prices and encourage consumer confidence.
In addition to changes in the Fannie Mae and Freddie Mac loan limits, the government will at least temporarily expand the line of credit to these agencies to permit the US Treasury to purchase equity in the companies through 2009.
Another terrific feature in the housing bill is a temporary $7,500 first-time home buyer tax credit for the purchase of any home. This credit can be used for homes purchased between April 9, 2008 and July 1, 2009. This tax credit should prove an important financial incentive for home buyers and help to generate housing demand.
If you would like to read more, the National Association of Builders has launched a new website with more information on this excellent opportunity for 1st time home buyers:
If you or a family member or friend would qualify for this temporary tax credit, this is a great time to buy and benefit from this credit. | 
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