This morning, President Barack Obama signed into law H.R. 3548 bill, The Unemployment Compensation Extension Act that includes the extension, modification and expansion of the first time home buyer tax credit.
President Obama said, “Although it will take time and it will take patience, I am confident that our economy will recover. I am confident that we’re moving in the right direction. And I promise that I won’t rest until America prospers once again.”
The first time home buyer tax credit – as it existed – has had a significant impact on the local Arizona housing market.
J. Craig Anderson, reported the following for The Arizona Republic:
Even before the deadline loomed, Arizona had the third-highest number of tax-rebate applications per capita among the 50 states, according to a recent report by the U.S. Government Accountability Office.
A GAO report issued Oct. 22 said that as of late August, 38,130 Arizona home buyers had claimed either the $8,000 tax rebate or a $7,500 deferred tax credit offered in 2008.In all, the report said, Arizona tax-rebate claims totaled nearly $276 million, an average of $42 per resident. The No. 1 spot was held by Nevada, which had claimed an average of $56 per resident.
Nationally, about $10 billion worth of claims had been filed as of August by about 1.4 million home buyers. Those numbers are expected to be much bigger by the time Americans file their next batch of tax returns.
In his article, Mr Anderson shares that Phoenix-area real estate analysts believe that the extended and expanded home buyer tax credit “could jump-start the market for higher-priced homes and help sustain the booming low-end housing market”.
Steve Lines
Authorized FHA Loan Consultant and Co-Branch Manager
Academy Mortgage
Serving Mesa, AZ and all of the Phoenix Metropolitan Area
480-344-3662 (direct)
480-329-3346 (mobile)
slines@bestfhalender.com (email)
www.bestFHAlender.com (my blog)
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