Unraveling the Stimulus Package

President O'Bamma will sign the Recovery and Reinvestment Act into law this week. The bill spends $787 billion dollars. There will be as many opinions on this bill as there are dollars spent. Here's a little insight into how it will impact the housing market.

Realtors(R) Advocate Quick Implementation of Stimulus Packageupdated 7:09 a.m. ET, Sat., Feb. 14, 2009

WASHINGTON, DC - Now that the American Recovery and Reinvestment Act has been sent to President Obama for his signature, the National Association of Realtors® is looking forward to swift implementation.

"We are pleased that Congress and the administration have taken prompt action to address the current economic crisis," said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage Dallas-Fort Worth. "Job creation and tax cuts are going to help families recover and prosper, and these initiatives will help more people keep their homes and help others become homeowners."

An economic recovery is not possible without a housing recovery, and the legislation contains two important housing provisions championed by NAR. The final stimulus bill increases the first-time home buyer tax credit to $8,000 and eliminates the repayment requirement of earlier legislation. In addition, the credit availability has been extended until December 1. Details here as available.

Story continued here. It will take time to understand how this bill impacts our lives, but it will keep us busy trying to unravel the information.