As the government tries to help homeowners who have suffered greatly in the collapse of the sub-prime lending market, tax cuts are being planned for homeowners by the government. As we all know, the recession bit hard leaving many without homes and sending them out to the unemployment lines. Many people who have managed to keep their homes from foreclosures have done so with aid from the state and federal government in the previous attempts to bolster not only the housing market but the economy as a whole. People are still stunned at taxes the government imposes annually but these are to change with the introduction of tax discounts for homeowners. Many homeowners who lost their homes due to foreclosures have been decimated by the loss of their hard earned homes, many of which are now owned by banks and other financial institutions who could not sell them to cover for the investment they have in them. Many hope the downturn for prices have gone rock-bottom more than predicted.