Real Estate
2009-02-01 14:22:00
The stimulus package and home sales
Answer: Our Senate and Congress passed a housing stimulus package in 2008. This, along with important changes being debated right now (and could be finalized by the time you read this), could mean that the real estate and related industries can look forward to a busy spring market.
The current $7,500 tax credit is a great benefit for first home buyers (or anyone who hasn’t taken a mortgage deduction on their income taxes in the past three years), but the newest legislation could expand the benefits up to a $15,000 tax credit or 10% of the purchase price (whichever is less) and make all home buyers eligible.
With low interest rates and favorable FHA financing, the current $7,500 tax credit will offer a windfall to home buyers that purchase before mid-2009. And, the proposed new legislation will be an even better deal, for even more buyers.
