Extension of the Tax Credit

National Association of Home Builders is making the effort to $8,000 Home Buyers Creditextend the tax credit through Nov. 30, 2010. They’re also requesting for Congress to make the credit available to all buyers of principal residences, not just first-time home buyers.

According to NAHB, extending the tax credit program would spur an additional 383,000 home sales, including 80,000 new homes, and create nearly 350,000 jobs over the next year. Every time a house is sold or built, it pumps thousands of dollars into the economy on purchases of everything from appraisals and title insurance to home improvement supplies.

A tax credit has helped the housing market recover before, and it’s starting to help again.

There’s no down side to extending the tax credit another year and expanding it to all home buyers.

What is really important to know is that this isn’t the first time Congress has been asked to make the home buyer tax credit more widely available. A bill introduced in January by Sen. Johnny Isakson (R-Ga.) would have provided up to a $15,000 tax credit for all home buyers of primary residences. It also would have made the money available up front for down payment and closing costs. It got some support on the Senate side, but none from the House.

Hopefully, Congress has seen how consumers jumped on the opportunity to buy a car with some federal assistance, they’ll be more open to helping housing, which is a major factor in the nation’s economy.

For more valuable information please go to I Want to Buy my Home at the Bottom.

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Explore posts in the same categories: Home Buying

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