Low Prices, Low Interest Rates, and New Tax Credits
As we have been reporting for over a year, low property prices and interest rates have homebuyers and investors buying homes again. Sales are particularly brisk in homes priced under $300,000. Earlier this year it was mostly single family homes, but condos and townhouses are heating up as well. The Worker, Homeownership, and Business Assistance Act of 2009, just signed into law by President Obama, has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers. Here’s some details regarding both programs:
First time homebuyers http://www.federalhousingtaxcredit.com/faq1.php
Repeat homebuyers http://www.federalhousingtaxcredit.com/faq2.php
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