$15,000 Tax Break for Homebuyers

TonyT

DTVUSA Member
#1
The measure would give buyers a tax credit of 10 percent of the price of a primary residence purchased within the year, up to $15,000 ...

“We do have a history in this country with housing and it goes back to the crash of 1974, which actually in terms of inventory and price declines was comparable to what’s happening now,” [Senator Johnny Isakson, Republican of Georgia] said at a news conference. “Within one year of the inception of that tax credit, two-thirds of the available inventory that was on the market was gone. The market moved back to a balanced inventory, values stabilized and things became very healthy.
http://www.nytimes.com/2009/02/05/us/politics/05stimulus.html?_r=1

Another reason for me to buy but overall is this really going to help stimulate the economy?
 
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