The $8,000 homebuyer tax credit has shown signs of success. There are now moves from the House to extend the new homebuyer credit, so that more first-time homebuyers will be able to use it.
American service members get extension
American service members who have served at least three qualified months of duty overseas will get a year’s extension. Eligible people include those who have served in the Foreign Service, Intelligence corps and the military forces. Given that their jobs may have given them little time to apply for the first-time homebuyer credit, the 12-month extension is perfect.
Impact
This new legislation alone is estimated to bring in 10,000 more home sales. Even if the sales will only affect markets near military bases, this is an encouraging sign of how the extended new homebuyer credit could affect the economy on the national level. There is still some debate over this in the House and Senate, but analysts say its just a matter of time before this legislation is approved.
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