$7,500 Home-Buyer Tax Credit gets lots of Public Interest.

This was a great article I came across written by a gal named Mary Ann Milbourn. This was originally written on Aug. 13th, 2008

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A new National Association of Home Builders Web site explaining the $7,500 first-time home buyers tax credit approved by Congress last month is being swamped by people interested in finding out about the program.

NAHB reports the site, www.federalhousingtaxcredit.com, has received 116,000 hits since it went up early this month.

“The initial response is encouraging,” said NAHB President Sandy Dunn. “This could be the trigger that helps move prospective first-time buyers off the fence and back into the market. But it won’t last forever.”

Granted, $7,500 doesn’t go very far in Orange County, where the median price was $495,000 as of June. But “first-time buyer” is defined as anyone who hasn’t owned their principal residence in the last three years. So former owners who cashed in their equity and have been on the sidelines renting could take advantage of it. There are, however, income restrictions.

The NAHB site also explains other aspects of the legislation, often referred to as the mortgage bailout bill because it originally was aimed at helping financially-strapped homeowners avoid foreclosure.

 

Chris the Implementer

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