First Time Home Buyer Tax Credit Extension into 2010 Helps Housing Market
Posted on | December 8, 2009 | No Comments
The first time home buyer tax credit extension into 2010 should greatly help the housing market for several more months. In November, we found out that the $8000 first time home buyer tax credit was going to be extended through April 2010. Many politicians worked very hard to make this happen; not only did they get the tax credit extended but they also expanded it to “move-up” buyers.
As a first time home buyer you can receive a tax credit of $8000 but if you are a “move-up” buyer you can receive a tax credit of $6500. A “move-up” buyer is anyone who has lived in their current residence for more than five years and plans to move up into a new home. The closing on these homes must be done by April 30, 2010 to receive an $8000 tax credit or a $6500 tax credit.
There is little argument that the extension of the first time home buyer tax credit should help stabilize home prices. Since the program was created home prices have found a bottom and have actually started trending higher. There are definitely some areas that are continuing to see lower home prices but as a whole the United States has seen a tick up in the price of homes. Now that the tax credit will last until April 2010 there is a good chance that we have seen the bottom in housing prices for the time being.
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Author: Alan Lake
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