Senator Proposes $15K Tax Credit For Home Buyers

"The U.S. economy will not recover until the housing market revives", said Senator Johnny Isakson (R-GA) as he renewed his call for a $15,000 homebuyer tax credit to be included in the economic stimulus package now being considered by the Senate.

“It may not make that bill perfect,” Isakson told the Atlanta Rotary Club of his proposed housing credit. “But it is the single best thing we can do to begin the comeback.” Isakson wants a tax break for any family who buys and holds a home for at least three years. Housing prices across the nation have fallen about 25 percent in the last two years and are cited by many economists as the foundation of many of the current financial woes. Read the whole story Here.

Still unanswered - What does this mean for the second home marketplace? For the Outer Cape?