News of federal intervention in the mortgage arena is bringing a smile to realtors' faces.

"This is the best thing we've had in the housing market since this whole recession started," said Bill MacLeod of Coldwell Banker Hubbell BriarWood.

He says the Fed's plan will put more money into the market and stop the record amount of foreclosures.

"The intent is to go in and allow these people who are behind on their payments to refinance and keep their homes and keep them off the market."

Realtors are extremely optimistic about this new plan. In fact, they say it could provide immediate relief to the housing market. They say signs like this one...could soon turn into signs like this one. And that would mean fewer houses on the market which in turn will cause property values to rise.

Fewer foreclosures also reduces the inventory and drives up pricing. Right now, Mid-Michigan has about 14 months worth of homes on the market.

MacLeod says that could change relatively soon.

"This could turn the market overnight."

He says there will also be more money allotted to banks and other lenders. That would allow more qualified buyers to get mortgages.

"This ought to free up all kinds of lending."

As for those bad loans that caused the crisis to begin with? They're a thing of the past.

"That is not going to happen. All of these bad loans that have been made in recent years, that's history."