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A $6,500 credit was added for other primary-home purchasers and raised qualifying income limits. A bill extending the $8K tax credit for 1st time buyers still needs to go through the full senate and house. But it looks hopeful. Contracts must be in hand by April 30th and close by June 30th. It is thought that this will stimulate the new home housing market which has seen a decrease in sales in the last year.
September reports showed new home housing at a 27 year low. This may be a result of a shift in the consumer demand with resales being more attractive with the added tax credit or an effort to tightly control the inventory by builders.
The tax credit for primary-home purchasers could lead to an increase of new home production. One thing for sure, if you buy a new home to build on your lot, it will go up much faster.
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