St Louis Home Loan Experts Are Calling the Home Buyer’s Tax Credit a Failure
The United States has been arguably experiencing not only a stale real estate market, but the highest unemployment rate since the Great Depression of 1929.
The Home Buyers Tax Credit Is Getting Expanded!
The first-time home buyers tax credit ($8000 for most of the people in the area), which was scheduled to expire November 30th, has been extended to include sales for contracts which are written by April 30, 2010 and closed prior to July 1, 2010. The credit has also been expanded to make more even more people eligible. Most urgently, move-up buyers are now eligible for up to a $6500 tax credit, provided that they have owned their home for at least five years.
The Latest News About Home Buyer Tax Credits
There is great news for people considering buying a home! Congress has recently passed further legislation, as a part of the strategy for stimulating the U.S. housing market, that makes the Federal tax credit of up to $8,000 now available to even more first-time buyers. In addition, selected individuals who currently own a home and want to purchase a new one will also be able to obtain a Federal tax credit totaling up to $6,500.
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