Kenneth R. Harney recently wrote on the effects the upcoming $825 stimulus package will have on the housing market.
As Harney reports, the stimulus will “offer a little tax improvement for first-time homebuyers using the current $7,500 tax credit by making it non-repayable”. The idea of a non-repayable tax credit is more inviting to the home buying process, as it is more of an interest-free loan.
It is still unclear what the government can or is willing to do to help the housing market, but the tax credit idea is one that can greatly help, as home buyers would be more inclined to make a purchase. We will have to see in what direction the stimulus package goes.
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