According to the Federal Housing Tax Credit (www.federalhousingtaxcredit.com), the tax credit for first time buyers (or buyers who have not owned a home in the last 3 years) is set to expire on December 1,2009.
This tax credit allows the first time buyers to receive 10% of the purchase price up to $8,000 as an incentive from the government to buy a home. Since January of this year, the National Association of Realtors estimated that around 350,000 sales or nearly half of the 710,000 increase in home sales since the first of 2009 are attributable to the tax credit.
With the loan process taking anywhere from 30 to 60 days now, do you think the tax credit should be extended?
Should it include only first time home buyers?
Do you think this tax credit is helping or hurting our economy?
written by Molly Phillips socialweblearning@gmail.com
