If they really wanted to bailout the economy they would do something realistic to help homebuyers buy and get the excess homes for sale off the markets..

There would be 2% mortgages for qualified first time buyers with 20% down payment. With interest rates increasing for those with less down payment.

All mortgage interest rates should be in the 2%, 3% or 4% interest range for the least qualified buyers. All buyers need to have 20% down and then there would not be any foreclosures.

With low interest rates the housing markets would get back under control and the inventory would subside.

The high interest rates by the Federal Reserve are the bane of our economy, the banking system, and the brokerage houses.

There was so much profit with all the derivatives stemming from these high interest rates that there was opportunity for creating derivatives ten times the value of the original mortgages. This sheds light on how much mortgage buyers were overpaying for mortgages that primarily benefitted the banks.

I suggest a house buying boycott until the mortgage interest rates come down to where they were right after WWII, well under 4%.

Considering the state of the economy now and the nationalization of the banking industry it seems appropriate for the lowest mortgage rate to be in the 2% range.

The country must DEMAND much lower housing mortgage rates.

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A growing number of first-time buyers are jumping into the housing market this spring because of falling prices, historically low mortgage rates, and an $8,000 federal tax credit.

"Houses that were not previously within the grasp of first-time home buyers" are now attractive to them, said Thomas Gleason, executive director of the Massachusetts Housing Finance Agency, the state's affordable housing bank. "There is a lot of pent-up demand."

While real estate brokers said it is too early to know whether the market is rebounding, there are indications that qualified buyers are finally deciding to get off the sidelines. During the third week of March, MassHousing booked a record $25 million in loans, topping its previous high of $17 million during the week of Jan. 11., when mortgage rates dropped significantly, according to Gleason.

New homeowners Urrooj Rehman, 27, and her fiance, Syed Hasan, 35, had an added incentive to buy a three-bedroom condominium at the Olmsted Green complex in Mattapan - they are getting married this weekend. It helped that the price of the condo recently dropped by $50,000 to $320,000, Rehman said. In addition, they were able to lock in a 30-year mortgage rate at under 5 percent and next year will be able to claim the $8,000 tax credit for first-time buyers included in the federal stimulus package.

"I wanted to snap something up," said Rehman, a psychiatry resident at Brigham and Women's Hospital in Boston. "It might get lower, but I still feel good about my decision."

Nationally, first-time buyers accounted for about 65 percent of transactions of existing homes for the first quarter of the year - a 41 percent increase from the same period last year, according to HouseHunt Inc., a information firm based in Huntington Beach, Calif. The National Association of Realtors also reports more first-time home buyers.

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