The homebuyer tax credit program was said to have helped the housing market a great deal by prompting more individuals to enter the housing market since a tax credit was available along with low interest rates and home prices in many areas. Yet, with the drastic decline of home sales after the expiration of the first-time and repeat home buyer credit program, there have been talks that a new tax credit for homebuyers may become available.
While many believe that it’s strictly speculation that the present time, and reports indicate that the Obama Administration has yet to decide whether they will attempt to revive his popular credit, there are arguments both for and against the revival of some form of homebuyer tax credit in order to help the housing market.
Home loan interest rates are still quite low and many believe that the large drop in home sales could be combated with yet another tax credit. There are concerns about where funding for an additional tax credit program may originate, but there are seemingly some officials who would be on board with another homebuyer tax credit plan.
As the economy, specifically the job market, struggles to improve, there are many who believe that areas like housing could benefit from another homebuyer tax credit by prompting more potential homeowners into a housing market which has plenty of homes available and low mortgage interest rates that can give future homeowners an affordable home loan payment.