Tax Credit Extension a Positive Step Toward Sustained Real Estate Recovery, Say Realtors

Date: November 5 2009
Source: Marketwire.com
Website: http://www.marketwire.com/press-release/National-Association-Of-Realtors-1072086.html

WASHINGTON, DC--(Marketwire - November 5, 2009) - The National Association of Realtors® today commended the U.S. Senate and House of Representatives for passing a bill that includes an extension and expansion of the current home buyer tax credit as an important step in ensuring a real estate and economic recovery.

"The substantial rise in home sales we've seen over the past few months proves that the tax credit is working and is being used by buyers who were waiting for the right opportunity to get into the market," McMillan said. "This important incentive is helping to stabilize the housing market, stimulate the economy and create new jobs in communities all across our great nation. Extending and expanding the home buyer tax credit will enable even more families to take advantage of current low interest rates and affordable prices to invest in their future through homeownership."

The bill would extend the present $8,000 tax credit for first-time home buyers through April 30, 2010. Current homeowners are eligible for a $6,500 tax credit through April 30, provided they have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential home buyers have a binding contract on or before that date, they will have until July 1 to close the transaction.