By: Dennis Norman
According to the National Association of REALTORS(R) if a tax credit is made available to all home buyers and that credit need not be repaid then this could result in an additional 555,000 home sales.
This echos my post of two days ago titled “Fix Housing First” with regard to the importance of a significant credit to all homeowners and without the necessity of repayment. According to The National Association of REALTORS(R) ”a full credit to all buyers means an additional 2.22 million households would meet the income requirements for purchasing a home”. NAR goes on to say they estimate 25% of these people would become homeowners.
Lawrence Yun, NAR chief economist, said “the bigger the incentive, the faster housing can help pull the economy out of a recession. The cost to the Treasury would be far less than the additional costs of a prolong recession with insufficient housing stimulus”.
The National Association of Home Builders through their involvement in the “Fix Housing First” coaltion is saying about the same thing as the REALTORS(R) with regard to tax credits, so experts are two of the largest housing related associations seem to agree about the significance of a meaningful tax credit, among other things, to seriously stimulate the market we are in as well as the economy.
Let’s hope Congress is listening…
Related posts:
- National Association of REALTORS(R) Urge Congress to help the housing market
- Most Landlords Say They Would Rent to People Who Lost Homes to Foreclosure
- Homebuyer tax credit has been primary cause of recent return of buyers to market according to study
- REALTORS Urge Congress to Extend Homebuyer Tax Credits
- MBA urges US House Small Business Committee to Extend and Expand Homebuyer Tax Credit
[...] Congress could help over 500,000 people buy homes [...]