The Housing and Economic Stimulus bill of 2008 has been passed yesterday which is exciting news! This piece of legislation has long been championed by the National Association of Realtors and is one of the most important pieces of Real Estate legislation for years.

The act makes the provision for first time homebuyers to gain a tax credit of $7,500 for their first home purchase - giving a much needed boost to the national housing picture.

Additionally the bill plans for shake ups of the mortgage market - the largest for years - including the increasing of the availability and criteria for Federal Housing Administration (FHA) backed loans which will help the real estate market as well as help stem the rise in foreclosures. Also the government backed enterprises, Fannie Mae and Freddie Mac will also find themselves having some changes. See our guide: Getting Clued Up on Mortgages

All an exciting time for Real Estate in the United States, with the current buyers market offering great opportunity as well as great interest rates now may be the best time to purchase property in Sedona and the Central Arizona area.

If you are considering purchasing a home in the Sedona, Arizona area then please contact Claudia Ault for professional Real Estate advice in Sedona and the surrounding communities in the Verde Valley.

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