Housing Stimulus: One More Round?

By: Allison Millar, Contributing Writer
In: In the news
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If you’re looking for another housing stimulus…get ready.

An extension of the much touted $8,000 federal housing tax credit was approved by the House this week. It’s important to note, however, that it only applies to home buyers who signed a contract to purchase by April 30. Many of those folks were rushing to close by the June 30 cut-off date of the previous bill.

What this extension means is that the deadline would be pushed back to Sept. 30 if it’s approved by the Senate. If you’re in the camp of home buyers who made the April 30 deadline but because of financing or other reasons haven’t closed yet, take a breath. The Senate is next.

Housing Stimulus: The Numbers

According to the Asbury Park Press, the original housing stimulus bill helped more than 2.6 million people who were buying homes. Some of those home buyers may have been able to buy without the tax credit, but many others needed it to take that step. This is particularly true for first time home buyers who typically need every penny they can find.

Helping the Housing Industry

Many see this extension as vital to continuing to stabilize the housing industry–and to just making it right for people buying homes who played by the rules but ran out of time. According to the National Association of Realtors, 180,000 people fall into that camp and would lose the credit if the extension does not go through.

And, here’s the scoop from the IRS on who is eligible and how you can file. (You can use it on your 2009 or 2010 taxes, for example.)

If you’re still out there in the market looking, stay tuned. There are other incentives around…more on that next time.

Happy house hunting!

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  1. One Response to “Housing Stimulus: One More Round?”

  2. Jul 17, 2010

    thanks for all that great ideas what a great site!!!!!

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