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Topic: first time home buyer tax credit
By 
Tags: Compared to last year that’s a 21% rise. December’s housing starts were also revised upward.
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When President Obama extended the first time homebuyer’s tax credit, a new provision was added for long time homeowners. They now qualify for a credit of up to $6500 to buy a new home.
Rising stock markets usually buoy consumer confidence, a must for the economy to grow, since consumers are leery of borrowing to finance major purchases.
Economists credit the tax break with stabilizing the housing market on the low end and ending the erosion of equity for millions of home owners.
582 new homeowners were under the age of 18. One was 4 years old. These children did meet the income limits, and none of them had ever owned homes before. Although these kids were all unable to sign legally binding contracts, they claimed almost $4 million in tax credits.
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June 16, 2010 
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