Housing sales and pricing continue to fall raising many questions on how soon we can expect to recover.  The government is slowing enacting legislatiion to bail the housing market out and restore balance to local real estate economies.

Recently, President Bush signed The Housing and Eonomic Recovery Act of 2008 which includes a new temporary tax credit to provide an incentive to purchase for first time home buyers.

Only 1st time home buyers are elgible for the $7,500 tax incentive and depending on income may only qualify for half or possible even no tax credit.  Here is a basic guidline for determining elegibility.  Offer expires on July 1st, 2009.

Single or Head of Household

• Income < $75,000 = $7,500 tax credit
• Income $75,000 -$95,000 = partial tax credit
• Income over $95,000 = no tax credit

Married Filing Jointly

• Income < $150,000 = $7,500 tax credit
• Income $150,000 - $170,000 = partial tax credit
• Income over $170,000 = not tax credit

For details on qualifying, please vist Dallas Fort Worth 1st Time Home Buyer Tax Credit