Troy Batson ~ Bend, Oregon Real Estate

The U.S. Senate voted yesterday to amend the 2008 American Housing Rescue and Foreclosure Act to include ALL homebuyers and increase the $7,500 tax credit up to $15,000 or 10% of the purchase price. The Senate acted unanimously to pass the amendment sponsored by U.S. Senator Johnny Isakson, R-Ga.

The amendment will make this $15,000 tax credit on any primary residence available for one year after the bill is enacted. It also changes the $7,500 tax credit from the initial act to a true tax credit, not a zero interest loan that had to be repaid over 15 years.

The amendment is part of the Stimulus Package that includes more wasteful spending than useful economic stimulus needed to get our slumping housing market jump started. The Republicans are currently proposing holding mortgage interest rates at 4% for home buyers or those wishing to refinance their current mortgage. The U.S. Treasury would subsidize the difference between current mortgage rate levels and the 4% target rate.

The mortgage proposal, if enacted, and the $15,000 home buyer tax credit will definitely be the helping hand we need here in Central Oregon. For those buying or trying to sell their home in Bend, Oregon it couldn't come at a better time. The Bend housing market has been hit hard in this economic slowdown with foreclosures and short sales dragging down our home prices.

The good news in all of this is the opportunity it provides for home buyers in Bend and those struggling to sell their homes. The increased demand the $15,000 tax credit will create will help us thin out our bloated supply of homes and hopefully stabilize home prices.

If you have been thinking about buying a home in Bend, the time to act is now. Remember this tax credit will only last for one year and the great deals out there will go sooner than that.

Troy Batson is a Licensed Broker in the State of Oregon ~ troybatson.com ~ Duke Warner Realty Bend, Oregon

Troy Batson is a Licensed Real Estate Broker in the State of Oregon ~ troybatson.com ~ Bend, Oregon Duke Warner Realty

Later this week the U.S. Senate will vote on the stimulus package that was passed last week by the house. No matter what your political views or stands are on this issue there is a component of the package that requires your attention today. The $7,500 first time home buyer tax credit as it is currently written is not a true tax credit, but a 15 year interest free loan. It is available to first time home buyers or those who have not owned a home in the past three years. It also has income restrictions for higher wage earners, and as most of you know has had little impact on the housing market.

The U.S. House of Representatives bill passed last week changes this "tax credit" to a true tax credit that offsets, dollar for dollar, any tax liability. This is great news for the slumping housing market, but should we ask for more? The Senate Republicans have proposed increasing the tax credit from $7,500 to $15,000 and not limiting the credit to first time home buyers, but to ALL home buyers up to a certain income level.

Along with an increased tax credit they would like to hold mortgage rates at 4% for a period of time. The government would make up the difference between current mortgage rates and the "pegged" rate, with hopes buyers would be encouraged to take advantage of the lowest rates in history.

Are these actions necessary? Do you believe they would stimulant our current housing situation? If you believe these proposals would jump start our economy and get home buyers back into the housing market I encourage YOU to contact your U.S. Senator and let them know they should support these proposals.

I have exercised my right as a U.S. citizen and made my voice heard, I encourage you to do the same.

Troy Batson is a licensed broker in the State of Oregon ~ Duke Warner Realty ~ Bend, Oregon ~ troybatson.com

I'm sure you have read about us or have seen us featured in national news stories in the past. Donald Trump even mentioned us! You know, one of the best small towns to live in, the next Aspen, Vail, Sun Valley..... Somebody must have because they came in droves, Bend's population went from 52,000 in 2000 to 78,000 in 2008. Impressive, I know. As you all know when demand outweighs the supply prices rise, and they did. Along with the buyers came the builders, and they built. It's a story not uncommon to most destination locations with so much to offer the boomers.

Then it happened, the economy tanked, consumer confidence disappeared overnight and the boom was over. The people have slowed to a trickle, the builders have gone bankrupt and the housing market is beginning to drown in short sales and foreclosures.

Like all business that face tough economic times and slumping sales, they have a sale. We are not "going out of business", just slashing prices!

So come check Central Oregon out, kick the tires, take us for a test drive or better yet load up the family we've got room!

Troy Batson ~ A licensed Central Oregon Real Estate Broker ~ Duke Warner Realty ~ Bend ~ troybatson.com