Extend the First Time Homebuyer Tax Credit

Published: September 21, 2009

  • Congress will soon debate if the home buyer tax credit should be extended beyond the currently scheduled expiration date of November 30th.
  • Conservative estimates of the number of first time homebuyers that took advantage of this program start at 350,000 and go up from there. Needless to say it was a lot of people and the impact on the market was substantial – to the point where the housing market is driving the economy back toward a sustainable recovery.
  • It is estimated that the tax credit extension will cost the government another $10 Billion if it’s extended for a full year. Compared to the $700 billion in TARP funds that went to Wall Street and the $787 billion economic stimulus bill passed earlier this year, $10 Billion seems pretty reasonable – especially when you consider that money went DIRECTLY TO CONSUMERS instead of to banks, insurance companies and other corporate entities.
  • Further, assuming the credit is extended, according to NAR Chief Economist Lawrence Yun, the resulting economic growth and job creation will automatically lead to a rise in federal tax revenue easily covering the cost of the credit.
  • This is where YOU, the Grassroots of our Association, are most powerful. If you haven’t received or responded to the earlier NAR Call-to-Action, please click the button. It will take less than 2 minutes of your time and if it lands you just one more first-time buyer during the next year, it will be the most profitable 2 minutes you’ve ever spent. Please click now.
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    Last modified: September 21, 2009 at 1:23 pm | Originally published: September 21, 2009 at 1:23 pm
    Printed: September 28, 2020