Tax Credits For Nearly 70% of New Home Buyers With New Law

What great news for both new home buyers and the construction industry. When the President signed the tax credit extension on Nov 6th, he certainly gave the housing industry a shot in the arm.

It's been estimated that nearly 70% of all potential home buyers should qualify for some type of credit. It's now available for move-up buyers, move-down buyers and those who have previously owned a home.

As recently stated in an erelease by the NAHB: "A leading source of consumer information on the tax credit is NAHB's Web site at www.federalhousingtaxcredit.com, which saw a huge increase in visits in the days after the new law was signed. It provides basic information about the first-time and repeat buyer credits, detailed question and answer sections, and links to additional home-buying resources for consumers.

NAHB estimates that the home buyer tax credit will create 211,000 jobs and generate 180,000 additional home sales in the coming year. It is also expected to generate $9.6 billion in wage income and $6.9 billion in federal, state and local taxes."

I think that this recreation of jobs which have been lost will be a strong beginning for the resurgence of an industry which means so much to the national economy.
Nancy Lisabeth - Grand Bay Building and Remodeling LLC