To Extend or Not to Extend the First-Home Buyer Tax Credit?

By Jeff Adolph

Residential Real Estate

There are calls to extend the first-home buyer tax credit of $8K, which is set to expire in on November 30th of 2009. However, many real estate experts feel that by extending the credit this may actually hinder the financial recovery of the market rather than aid it.

The first-home buyers tax credit, which is available to home buyers who have not owned a home within the last three years, and who have a combined income of less than $150K, is currently being petitioned in Congress for extension.

Evidently, several Congress members have either voiced or drafted their support for an extension of the first-home buyers tax credit. For example - Georgia Republican, Johnny Isakson has suggested that the tax credit be raised to $15,000 and extended until 2010. In addition to this, Isakson has also stated that he feels the tax credit should be made available to all home buyers regardless of their income or current housing status.

However, tax payers are concerned that these changes will see investors taking advantage of the tax break, which could be costly in the long term. It is also feared that while an extension may encourage more legitimate home buyers into the market, it will act as nothing more than a crutch for the current real estate market, when the market needs to start walking on its own in order to make a full recovery.

Article Source: White, Martha C. (2009) Home Buyer Tax Credit Will Prolong Recovery; available online at http://www.washingtonpost.com

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By Jeff Adolph

Residential Real Estate

There are calls to extend the first-home buyer tax credit of $8K, which is set to expire in on November 30th of 2009. However, many real estate experts feel that by extending the credit this may actually hinder the financial recovery of the market rather than aid it.

The first-home buyers tax credit, which is available to home buyers who have not owned a home within the last three years, and who have a combined income of less than $150K, is currently being petitioned in Congress for extension.

Evidently, several Congress members have either voiced or drafted their support for an extension of the first-home buyers tax credit. For example - Georgia Republican, Johnny Isakson has suggested that the tax credit be raised to $15,000 and extended until 2010. In addition to this, Isakson has also stated that he feels the tax credit should be made available to all home buyers regardless of their income or current housing status.

However, tax payers are concerned that these changes will see investors taking advantage of the tax break, which could be costly in the long term. It is also feared that while an extension may encourage more legitimate home buyers into the market, it will act as nothing more than a crutch for the current real estate market, when the market needs to start walking on its own in order to make a full recovery.

Article Source: White, Martha C. (2009) Home Buyer Tax Credit Will Prolong Recovery; available online at http://www.washingtonpost.com

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Click on Comments below and share your thoughts and opinions, ask a real estate question or offer story suggestions...

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© 2006+ Jeff Adolph GayRealEstate USA

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By Jeff Adolph

Residential Real Estate

There are calls to extend the first-home buyer tax credit of $8K, which is set to expire in on November 30th of 2009. However, many real estate experts feel that by extending the credit this may actually hinder the financial recovery of the market rather than aid it.

The first-home buyers tax credit, which is available to home buyers who have not owned a home within the last three years, and who have a combined income of less than $150K, is currently being petitioned in Congress for extension.

Evidently, several Congress members have either voiced or drafted their support for an extension of the first-home buyers tax credit. For example - Georgia Republican, Johnny Isakson has suggested that the tax credit be raised to $15,000 and extended until 2010. In addition to this, Isakson has also stated that he feels the tax credit should be made available to all home buyers regardless of their income or current housing status.

However, tax payers are concerned that these changes will see investors taking advantage of the tax break, which could be costly in the long term. It is also feared that while an extension may encourage more legitimate home buyers into the market, it will act as nothing more than a crutch for the current real estate market, when the market needs to start walking on its own in order to make a full recovery.

Article Source: White, Martha C. (2009) Home Buyer Tax Credit Will Prolong Recovery; available online at http://www.washingtonpost.com

------------------------------------------------------------------

*RealQuestions RealAnswers*

Click on Comments below and share your thoughts and opinions, ask a real estate question or offer story suggestions...

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© 2006+ Jeff Adolph GayRealEstate USA

Proudly Sponsored By:

By Jeff Adolph

Residential Real Estate

There are calls to extend the first-home buyer tax credit of $8K, which is set to expire in on November 30th of 2009. However, many real estate experts feel that by extending the credit this may actually hinder the financial recovery of the market rather than aid it.

The first-home buyers tax credit, which is available to home buyers who have not owned a home within the last three years, and who have a combined income of less than $150K, is currently being petitioned in Congress for extension.

Evidently, several Congress members have either voiced or drafted their support for an extension of the first-home buyers tax credit. For example - Georgia Republican, Johnny Isakson has suggested that the tax credit be raised to $15,000 and extended until 2010. In addition to this, Isakson has also stated that he feels the tax credit should be made available to all home buyers regardless of their income or current housing status.

However, tax payers are concerned that these changes will see investors taking advantage of the tax break, which could be costly in the long term. It is also feared that while an extension may encourage more legitimate home buyers into the market, it will act as nothing more than a crutch for the current real estate market, when the market needs to start walking on its own in order to make a full recovery.

Article Source: White, Martha C. (2009) Home Buyer Tax Credit Will Prolong Recovery; available online at http://www.washingtonpost.com

------------------------------------------------------------------

*RealQuestions RealAnswers*

Click on Comments below and share your thoughts and opinions, ask a real estate question or offer story suggestions...

-----------------------------------------------------------------

© 2006+ Jeff Adolph GayRealEstate USA

Proudly Sponsored By:

By Jeff Adolph

Residential Real Estate

There are calls to extend the first-home buyer tax credit of $8K, which is set to expire in on November 30th of 2009. However, many real estate experts feel that by extending the credit this may actually hinder the financial recovery of the market rather than aid it.

The first-home buyers tax credit, which is available to home buyers who have not owned a home within the last three years, and who have a combined income of less than $150K, is currently being petitioned in Congress for extension.

Evidently, several Congress members have either voiced or drafted their support for an extension of the first-home buyers tax credit. For example - Georgia Republican, Johnny Isakson has suggested that the tax credit be raised to $15,000 and extended until 2010. In addition to this, Isakson has also stated that he feels the tax credit should be made available to all home buyers regardless of their income or current housing status.

However, tax payers are concerned that these changes will see investors taking advantage of the tax break, which could be costly in the long term. It is also feared that while an extension may encourage more legitimate home buyers into the market, it will act as nothing more than a crutch for the current real estate market, when the market needs to start walking on its own in order to make a full recovery.

Article Source: White, Martha C. (2009) Home Buyer Tax Credit Will Prolong Recovery; available online at http://www.washingtonpost.com

------------------------------------------------------------------

*RealQuestions RealAnswers*

Click on Comments below and share your thoughts and opinions, ask a real estate question or offer story suggestions...

-----------------------------------------------------------------

© 2006+ Jeff Adolph GayRealEstate USA

Proudly Sponsored By:

By Jeff Adolph

Residential Real Estate

There are calls to extend the first-home buyer tax credit of $8K, which is set to expire in on November 30th of 2009. However, many real estate experts feel that by extending the credit this may actually hinder the financial recovery of the market rather than aid it.

The first-home buyers tax credit, which is available to home buyers who have not owned a home within the last three years, and who have a combined income of less than $150K, is currently being petitioned in Congress for extension.

Evidently, several Congress members have either voiced or drafted their support for an extension of the first-home buyers tax credit. For example - Georgia Republican, Johnny Isakson has suggested that the tax credit be raised to $15,000 and extended until 2010. In addition to this, Isakson has also stated that he feels the tax credit should be made available to all home buyers regardless of their income or current housing status.

However, tax payers are concerned that these changes will see investors taking advantage of the tax break, which could be costly in the long term. It is also feared that while an extension may encourage more legitimate home buyers into the market, it will act as nothing more than a crutch for the current real estate market, when the market needs to start walking on its own in order to make a full recovery.

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Comments

[george]

as a lender, it certainly behooves me to advocate for the extension of the credit. in fact, i have done so, contacting my congressional delegation to encourage them to act quickly. i frankly don't see this failing at all, and i anticipate that we'll see a renewal of the credit this year. whether or not it will come prior to the current expiration date of 11/30 is hard to say. there's so much on the congressional plate that there's bound to be fallout. nevertheless, i see this happening even if it is an afterthought; and i contemplate that it might be grandfathered if necessary.

we shall see.