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Facts on the Home Buyers Tax Credit.
As I was discussing in the last blog entry, the house stimulus has been debated and I wasn't quite sure what the credit would be for buyer and how it would be applied or paid back. Today, one day after the Stimulus Package was signed in Denver, here are the numbers that were posted on the National Associations of Home Builders website. Although I have not been able to find a definitive number, I have read that the overall total of foreclosures is still relatively low.  Unlike the divorce rate, the foreclosure rate is still in the single digits from the last article I read.  I am looking for a site that has national statistics, but have yet to find a good source.  If any of the 10's of my readers have a reliable source, let me know.
THE NEW BILL: eliminates the repayment obligation for taxpayers that purchase homes after January 1, 2009, increases the maximum value of the credit to $8,000, and removes the prohibition on financing by mortgage revenue bonds, and extends the availability of the credit for homes purchased before December 1, 2009. The provision would retain the credit recapture if the house is sold within three ... more

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