Taking a Stand: Home Buyer Tax Credit

There was positive news this week about the housing industry.

National pending home sales rose one tenth of one percent from April to May. That's just a small gain, but it's the fourth straight monthly increase.

We're hearing the same story from local realtors.  Home sales have been ticking up.  The reason? Lower home prices and a new first-time homebuyer tax credit.

And, if you are interested in that new $8,000 tax credit, you have just about five months to take advantage of it.  You must purchase the home by the end of November 2009 to qualify.

And something else you might not know.  This law doesn't just benefit those who've never owned a house.  It's also for those who haven't owned a home in the last three years!

There's also a limit to what you can make.  Single taxpayers can't make more than $75,000.  Married couples can't make more than $150,000.  But even those that do make more could be eligible for a smaller reimbursement.

We have more information about the tax credit here or you can talk to your real estate agent.  Don't wait too long, or you could lose out!

To respond to this editorial, send an e-mail or call 812-253-0107.  You can send a letter to me at: Debbie Bush, WFIE-TV, and P.O. Box 1414, Evansville, IN 47701.