RISMEDIA, November 9, 2009-President Barack Obama has approved the first-time homebuyer tax credit extension which will extend the tax credit until April 30, 2010.
-First-time homebuyers, who are defined by the law as buyers who have not owned a principal residence during the three-year period prior to the purchase, may be eligible for up to an $8,000 tax credit.
-Existing homeowners who have been residing in their principal residence for five consecutive years out of the last eight and are purchasing a home to be their principal residence ("repeat buyer"), may be eligible for up to a $6,500 tax credit.
-All U.S. citizens who file taxes are eligible to participate in the program.
Read more: http://rismedia.com/2009-11-08/obama-signs-homebuyer-tax-credit-extension/#ixzz0WNnlhcTl
The implications will be to cause / maintain an increased demand for entry level housing. With the extension, it will also cause an increased demand for the move-up homes - possibly reaching price levels as high as a jumbo loan will permit.
It will likely have little or no effect on the highest segment of the market, which will continue to decline due to the ability to get loans.
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Robert T. Boyer, Ph.D.
Licensed Realtor® #010791063
RobertBoyer.Realtor@gmail.com |
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You made a great point right at the end of your blog. While I am sure many are glad to see this extension from the federal government, I am not sure if it is going to have the full impact intended because it is sso difficult to actually get a loan today. Lenders have not made it easy and the banking community is still so unsettled. I am not sure if this program is going to have a lasting efect. At best, it will help to move some units and at worst, will only set up the next round of foreclosures.