Well, the massive housing bill has passed congress and the president will surely sign it into law. But what does it contain and what will it mean to the overall housing market?? Those questions may take some time to get answered fully. From what I know, it will keep the investors off the backs of Fannie Mae and Freddie Mac for at least 18 months. Guaranteed by the good 'ole USA taxpayers if they fail. I doubt they will. Next, it will give an estimated 500,000 troubled homeowners a chance to refinance into a goverment insured loan at a lower interest rate if they show they can handle the lower payments. Third, it will give first-time home buyers up to a $7500 tax credit. So it is good news for first-time buyers and it should slow the rising foreclosure rate and make more money available for all buyers of homes. The price tag is high but it does seem to be a move in the right direction for all except, perhaps, the taxpayers who will be out on the limb for billions if this does not work as planned. I'll have more as more details become available.