A Senate bill in Washington aimed at helping Americans through the sub prime mortgage crisis may include funding of up to $4 billion dollars to support a temporary $7,000 tax credit for people buying new homes or properties in foreclosure.

Ohio Senators Sherod Brown and Sen. George Voinovich each have their own questions and concerns about the bill and its impacts on both Ohio residents and lending institutions reports the Dayton Daily News.

If you could claim a $7,000 tax credit for buying a foreclosed house would you? Is it enough to get you to look exclusively at foreclosed properties? Our thoughts are that after the credit crisis and the lending practices get resolved these proactive measures will bolster the Cincinnati real estate market by removing some of the excess inventory.

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