The next phase of the TARP (Troubled Asset Relief Program) is beginning, as Congress approved the stimulus plan this week. In the next phase of the plan, government seeks to ease both the consumer and business credit crunch, passing into reality an $8,000 tax credit. In light of the foreclosure crisis, an additional $50 billion has been earmarked for the modification of mortgages of homeowners facing foreclosures.

We’re celebrating not even a month of the new Presidential administration and action has been swift. Regardless of your political affiliation, we have to admire the speed at which Obama’s administration is offering the American homebuyer both incentive AND potential relief. What the $50B earmark will mean for you, me and our neighbors remains to be seen, but the $15,000 tax credit for homebuyers is a substantial win. We’re being rewarded for what we would be doing anyway: buying a home. It’s free money in a day and age where nothing is free. Actually, it’s a bit unfair to say it’s free – we’ve all worked diligently to save for the downpayment on our homes and support our families, making the dream of a soft place to land at day’s end a dream come true. However, the new TARP II provisions give us a leg up in a time we’ve been shoping for prosthetics to replace the ones cut ou from under us by the volatile financial markets.

Read more about the TARP II plan at Fox Business News

Enjoy your week and the impending smells of Spring!

The Staff of San Juan Realty, Inc.

Ridgway, Ouray, Montrose and Telluride CO Homes from San Juan Realty Inc.