Will homebuyer tax program continue?
TEXT OF STORY
Steve Chiotakis: In all the bailouts, giveaways and subsidies during the past year — only a few were aimed directly at us, at the consumer. One of the most popular with the housing industry has been the first-time homebuyer’s tax credit. It’s set to expire in a couple of months. Marketplace’s Steve Henn looks at whether the program will continue.
Steve Henn: The tax credit will probably help close the deal on 400,000 additional home sales by the end of November when it’s set to expire. Extending this program — and possibly expanding it — is a top priority of homebuilders, realtors and mortgage bankers who are preparing a lobbying blitz.
ROBERT WARD: Removing it would I think not be a good thing for the overall housing market.
Robert Ward is at the Economist Magazine’s intelligence unit.
Ward: Clearly given the weaknesses in the U.S. housing market any support is welcome.
In its current form, the new homebuyer’s tax credit offers first-time homebuyers up to $8,000 to offset the purchase of a house.
Already there are various bills in Congress that would enlarge it to much as $15,000, extend the program for a year, even expand it to include all buyers.
In Washington, I’m Steve Henn for Marketplace.
Stories You Might Like
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
