Charlotte Business Journal

An estimated 1.4 million individuals have used the $8,000 federal tax credit for first-time home buyers, according to the Internal Revenue Service.
A Dec. 1 deadline looms for first-time buyers to purchase a house to qualify for the tax credit.
The credit equals 10 percent of the purchase price of a home, up to $8,000. It either reduces the individual’s tax payment or will be returned as a higher refund next year.
There are income limits to the program, which is designed to ease the housing crisis by reducing the inventory of homes on the market.

Connie’s thoughts: KEEP THE $ 8000 FIRST-TIME BUYER TAX CREDIT

1. IT WORKED and studies have shown that hundreds of thousands of homes were SOLD , in part due to this tax credit. The article above says over 1 million buyers are already receiving this credit. If we do not have this credit we will see fewer sales and with more foreclosures coming to market, this could have a negative effect on housing.

2. When a house is sold it keeps stimulating the economy because it creates jobs for contractors, home amenity suppliers, etc. And we all know that a house is never done!

3. Housing was at the center of this recession, to stop a program that is working so well, at this time, could be a mistake.

4. Housing and housing related services STIMULATED THE ECONOMY and that’s good since much of the stimulus package hasn’t been put to work yet.

5. Some of the credits that were given in the past for other things were not spent and went into savings instead. The first-time home buyer tax credit is being spent by new home owners on their home so it definitely stimulates the economy as intended.

6. The first-time buyer tax credit should also be extended to ALL HOME BUYERS for a period of time. The jumbo market is still suffering and prices in those communities continue to decline. At least give a buyer of an expensive home something for moving forward today.