Oct
14

First Time Buyers May See $8,000 Federal Tax Credit Extended

October 14, 2009

federaltaxcreditcashhomeWashington is seriously thinking about extending the current $8,000 tax credit for first-time buyers beyond its November 30th expiration date and expanding it to a wider circle of principal home buyers. There are growing concerns in the Obama Administration and Congress over worrisome prospects for reducing the nation’s lengthening unemployment lines and further strengthening the economy as it moves tentatively toward recovery.

“The tax credit has clearly had a positive effect on housing demand and in the job market,” said NAHB Chairman Joe Robson. “We stand ready to work with President Obama and the Congress to extend and enhance the tax credit to help reduce foreclosures and excess housing inventories, to stabilize home values and to push housing and the economy on a glide path to recovery.”

Following some encouraging remarks from White House Press Secretary Robert Gibbs, NAHB on October 6th said that home builders were ready to work with the White House and Congress to extend the credit and help bolster the real estate and construction industry’s economy.  It would undoubtedly make the National Association of Realtors happy as they have campaigned most of the last 6 months for the extension.

NAHB estimates conservatively that the current tax credit has been responsible for some 200,000 additional home sales since early this year, resulting in a net increase of 187,000 jobs. Extending the tax incentive through November 30, 2010 and making it available to all income-qualified purchasers of a principal residence would result in an additional 383,000 home sales and generate 347,000 new jobs in the coming year, according to NAHB economists. At an October 5 press briefing, Gibbs said that “there has been quite a bit of success” with the home buyer tax credit, and he added that the President is considering extending it to strengthen the economy and create jobs.

“Prompt congressional action on the tax credit is a crucial first step to shoring up the fragile housing recovery and leading the economy to higher ground,” said Robson.  “Housing is the best opportunity to put this country back to work.”

For more information about Chicago real estate, follow Chicagoland Real Estate forum by subscribing to our feedburner feed.

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

3 Comments

1

hi this is suhail, “The tax credit has clearly had a positive effect on housing demand and in the job market,” said NAHB Chairman Joe Robson. “We stand ready to work with President Obama and the Congress to extend and enhance the tax credit to help reduce foreclosures and excess housing inventories, to stabilize home values and to push housing and the economy on a glide path to recovery.”

2

I appreciate the concern which is been rose. The things need to be sorted out because it is about the individual but it can be with everyone. The initiative taken for the concern is very serious and need an attention of every one. This is the concern which exists in the society and needs to be eliminated from the society as soon as possible. There is nothing called a free lunch is this world. If anything needed to be resolved then initiated need a support to be sorted out.
====================================
Mortgages For First Time Buyers

3

If you’re comparing fixed-rate mortgage loan products for a home purchase or refinance, you may be wondering if it makes sense to get a 15-year home loan. Consider some of the following things when evaluating 15-year mortgages. The shorter the mortgage term, the faster…

Best Mortgage Rates

Leave a Comment

Copyright © 2008-2017 mRELEVANCE, LLC | Chicago Real Estate News | Chicagoland Real Estate Forum. All rights reserved. Thank you for visiting Chicago Real Estate News Chicagoland Real Estate Forum, Real Estate Listings and Information Provided by MLC Realty, Inc.
Internet Marketing by Marketing RELEVANCE

Equal Housing Opportunity

1819 W Grand Ave | Chicago, IL 60622