A report from the National Association of Realtors says a federal tax credit for first-time homebuyers led to 5,000 additional sales in Louisiana alone. Overall, the NAR says 24,000 homebuyers in Louisiana will use the $8,000 credit. Nationally, the Home Buyer and Seller survey shows that first-time sales accounted for 51.5% of all home transactions, compared with 45.1% in 2008. “Given that tight credit markets and poor job conditions have dominated markets this year, one could expect that the share of first-time buyers would have been much lower than 40 percent without the help of the tax credit,” says NAR. Nationally, the tax credit is expected to lead to 327,000 to 365,000 additional home sales. The credit is set to expire on Dec. 1; the NAR is pressing for the program to be extended into 2010 in order to help the fledgling real estate recovery.
Report: Tax credit led to 5,000 additional home sales in La.
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