27 July 2009 ? With only 127 days left for first time home buyers to take advantage of the $8000 tax credit, speculation is heating up on whether it has been effective with much doubt it will be renewed. Because of longer times for processing mortgages, buyers must be under contract in the next 60 days in order to take advantage of the credit. The transaction must be closed no later than November 30th, 2009, for the home buyer to receive the credit. Has it accomplished it?s goal? Dave Hanna, President of the Chicago Association of Realtors® says, ?There are a lot of people in the middle now and that’s where we want to see the change. They want to move, but need someone to purchase their home. The tax credit was aimed at creating this movement, but it’s still a wait-and-see to assess how it has delivered.” In a recent address to regional Realtor® leadership, the foremost real estate economist in the United States, John Tuccillo, prediction is the tax credit will not be renewed.Email This Post To a Friend.
$8,000 Tax Credit Effectiveness in Doubt. Not Likely to Be Renewed.
July 27, 2009
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