Federal Bailout Finally Passes

After passing through the Senate then the House of Representatives, President Bush signed an economic rescue bill today, which hopes to revive the U.S. financial system by allowing the federal government to buy up to $700 billion in failed mortgaged from banks and other financial institutions.

According to NAR President, Dick Gaylord, this historic legislation will help restore liquidity to the mortgage market, stabilize the housing market and protect home owners, and go a long way toward ending the current economic crisis crippling the housing and financial markets. President George Bush, along with congressional members, had lobbied throughout the week for the support of spending billions of dollars to buy bad mortgage-related securities from troubled financial institutions, as a way to ease the credit crisis.

The National Association of Realtors® strongly supported government intervention and teamed with eight other business organizations to run a full-page ad in the Wednesday edition of Washington Post and USA Today, urging Congress to pass a recovery plan. Click here to read the ad.

Click here to read why REALTORS® support the financial rescue bill.

Beverly Developer Planning 238 Senior Units

According to the Salem News, one of the country's largest developers of retirement homes wants to build 238 senior citizen apartments in five buildings in the Cherry Hill Industrial Park.
Holiday Retirement hopes to start construction on the $24 million project this fall.

Read the entire Salem News article.

Seller-funded Downpayment Assistance and New Housing Bill

The National Association of Realtors® reports that contrary to many reports, the Housing bill signed by the President on July 30, 2008, does NOT eliminate all downpayment assistance programs from eligibility for FHA insurance. Only those programs that are funded directly from the seller or other party to the transaction are prohibited. Downpayment assistance from family members, government programs, or charities that are not seller-funded is still permitted. The prohibition goes into effect October 1, 2008.

Click here to get the main points about the Seller-funded Downpayment Assistance Provision.

Click here to get a summary and history of the issue.