Homebuyer Credit Makes August Hot For Home Sales
Everybody wants to say that nothing that Obama did to stimulate the economy is working; but the pundits and economists are wrong and here is one example why:
Homebuyer Credit Makes August Hot For Home Sales
August 9, 2009
Spring is usually the peak season for home buying. But this year is different.
Real estate agents say that when Congress decided in February to create an $8,000 tax credit for first-time homebuyers — and set a Nov. 30 deadline — it turned August into the new real-estate rush hour. Because a sales contract can take months to complete, buyers are turning out in droves this month to ensure they make the deadline.
“It’s having a big impact,” said Iverson Moore, a spokesman for the National Association of Realtors.
The trade group is collecting data to measure just how big the impact is.
“We are hearing … that a large share of first-time buyers are being motivated by the tax credit,” Moore said.
To qualify, buyers must be purchasing a principle residence for the first time or at least for the first time after at least three years of renting. To keep the focus on first-time buyers, Congress set an income limit for the full credit. For a single person, it’s $75,000 and for married couples, it’s double that.
Read the rest of the story here.
As always, be well
CF
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