Real estate tax credit seen as boost for economy

September 22nd, 2009 Categories: Real Estate News

Consumers with sufficient credit scores to qualify for a mortgage have benefited this year from a popular government tax credit that provides further incentive for first time homebuyers.

However, the $8,000 credit is expected to expire on November 30, which has some would-be buyers scrambling to get their financial affairs in order to qualify for the incentive.

With that in mind, an organization representing many of the nation’s real estate professionals is calling on Congress to extend the tax credit. According to the National Association of Realtors, 350,000 people who would not have otherwise purchased a home did so because of the tax credit.

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