Since the tax payer relief act was in placed

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: ed by 250,000(Evans). Since The Tax Payer Relief Act was in placed potential homebuyers could buy homes for a lower down payment and smaller investments throughout the loan period. Most people who gained 125,000 profits could only avoid paying the capital gains tax, if they used that profit on buying or refinancing another house. In 2000, the home ownership rates in the United States reached 67.7% and 71.6 million American families own their own home, which came to be a record in United States history during President Bill Clinton’s term (Armey and Kibbe). Bill Clinton’s time in office had the housing market expanding incredibility, and more people purchased homes that they could afford to pay their mortgages without having to go into debt or foreclosure. However, George Bush was not as competent when it comes to his administration’s policies on the housing market. The housing market did improve growth in the economy by constructing new homes in the early 2000’s when more people were able to buy new homes or build homes from the ground up. Nevertheless, the housing market started to change from better to worse; according to economist Christopher Goodman and Steven Mance, they concluded in 2006 the housing market reached a decline in over six years from 2000 to 2005 being the peak of the housing market (4). In 2006, the housing market was starting to crash and President Bush and his advisors were not doing enough to help sustain the housing market from crashing. “On July 30, 2008, President Bush signed a major housing market emergency legislation, the HERA (Housing and Economic Recovery Act)”, and HERA came near the end of his presidency showing how late his administration was to solving the housing crises (Sunwoong, 65). The HERA Act did do some good in the economy by increasing homeowners insurance to reduce foreclosures. President Bush’s advisors were ignoring problems that were obvious in how the housin...
View Full Document

This note was uploaded on 02/05/2014 for the course ENGL 1101 taught by Professor Kirlew during the Fall '08 term at Georgia State University, Atlanta.

Ask a homework question - tutors are online