Members of the Senate have been hard at work coming up with legislation that would help the hurting housing market and would also give some much needed assistance to families who have lost their homes or face foreclosure. The measure has not yet been approved and is still in the process of being drafted, but so far both sides of the Senate have agreed on "4 billion in grants to local governments to buy and refurbish foreclosed homes, new authority for states to issue bonds to be used to refinance subprime mortgages and a $7,000 tax credit for people buying new homes or properties in foreclosure." I'm curious to see how much the final, approved bill will help the housing crisis. It's a wait and see situation, but I'm crossing my fingers the solution will make a positive dent.
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