Archives
CONGRESSMAN PETERS, REALTORS, LOCAL FAMILY DISCUSS HOMEBUYER TAX CREDIT
Families Considering Buying Their First House Have Limited Time to Save Thousands of Dollars on New Home Purchase This Year. Washington, D.C. - July 2, 2009 - (RealEstateRama) — Congressman Gary Peters, the Michigan Association of Realtors and a local family who recently closed on their first home today gathered at the family’s new house to discuss the tax credit available—for a few more months—that can save first time homebuyers thousands of dollars on the purchase of a new home. The American Recovery and Reinvestment Act, the economic recovery plan Congress enacted in February, created a temporary tax credit worth up to $8,000 for first-time homebuyers to help families become homeowners in tough economic times and to spur home sales in a sluggish housing market. Southeast Michigan foreclosure rates are among the highest in the nation (according to RealtyTrac, Oakland County’s foreclosure rate is in the top 5 percent among all counties nationwide), so encouraging the purchase of empty homes is extremely important for the region.