Monday, September 21, 2009

Tax Credit for First Time Buyers?

The White House is considering extending an $8,000 tax credit for first-time home buyers, which has helped to boost sales by more than 1 million this year.

Spokesman Robert Gibbs said the administration’s economic team is evaluating the tax credit’s effect on new home sales and will soon make a recommendation to the president.

The credit covers up to 10 percent of a home’s price - as much as $8,000 - for first-time buyers, but sales must be finalized by the end of November. If the credit is not extended past that date, the upward trend in housing sales could be reversed, real estate agents and builders said.

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By: Eric Gursky


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  2. Very interesting. I actually wrote an article that mentioned the tax credit for first time buyers and I think it is a good opportunity for first time buyers since costs are still low.

  3. I agree that the tax credit is a good opportunity for first time buyers if they qualify. I feel that with the current state of the housing market, even though the low mortgage rates are incentives, the tax credit will be extended at least for another year.

    --Lisa Matthys