Realtors pleased tax credit extended

Thanksgiving came a few weeks early for local realtors, who say they are pleased Congress voted today extend a tax credit for first-time homebuyers. “This will continue to be a catalyst to encourage first-time buyers,” says Sandy Daly, president of the Greater Baton Rouge Association of Realtors. A report from the National Association of Realtors released last month says the tax credit led to 5,000 additional sales in Louisiana alone. Daly says she expects the extension will lead to even more sales, now that potential first time homebuyers have more time to boost their credit scores or build up a downpayment. Norman Morris, senior vice president of governmental affairs for Louisiana Realtors, says he’s pleased the program is being expanded to people who are already in a house. “This will open up opportunities to purchase a first home or even a second home,” he says. “People can accumulate more wealth, more equity.” Morris says he’s not concerned about the dangers of artificially propping up the market with tax breaks. “The housing market is not what it was eight or 10 years ago,” he says. “It’s time to move it in a forward direction.”—Timothy Boone