$15 Billion Housing Bill Seeks House Approval

This week, Democrats pushed a $15 billion housing bill through a House committee, despite outcry of Republicans against it. This bill aims at sending federal loans and grants to cities and counties that have suffered the most from the housing crisis, so that they could purchase and renovate foreclosed properties. While Democrats view the bill as a positive move toward providing relief to the neediest areas, Republicans see it as a giveaway for lenders and speculators that could lead to an even greater number of foreclosures.

For more on this story, please visit:
http://money.cnn.com/2008/04/23/news/economy/housing_bill.ap/index.htm?section=money_realestate

Outlook Dim on Housing Prices and Construction

According to economists who spoke at a recent conference sponsored by the National Association of Home Builders, the home construction and damaged housing markets will continue to drag until at least year end. The economists cited the struggling housing market as a catalyst to the general U.S. recession that they predicted to last until June, the effects of which have led to a credit crisis and widespread foreclosure for homeowners.

For details on this story, please visit:
http://money.cnn.com/2008/04/24/news/economy/builders_forecast/index.htm?section=money_realestate

Housing Bill Leads to Tax Breaks for Businesses

Two weeks ago the senate approved the Foreclosure Prevention Act, a bill that takes steps toward relieving American homeowners of the dangers of foreclosure. While this bill is a step in the right direction, its implications also extend to struggling industries such as automakers, airlines, and home builders, providing them with billions of dollars in tax breaks. The Senate bill included a provision that allows the nation’s largest home builders to claim millions in tax refunds by charging their current losses against profits made in the past.

For details and the complete story on the Foreclosure Prevention Act, please visit:
http://www.nytimes.com/2008/04/16/business/16bailout.html?th=&emc=th&pagewanted=print