Tax Credit Would Get Buyers Off Fence

A temporary tax credit would be the best incentive to move hesitant home buyers into the market, the NATIONAL ASSOCIATION OF REALTORS® told Congress on Thursday. NAR said the tactic has been successful before; A 1975 temporary tax credit helped to “clear an over-supply of newly constructed homes during an economic downturn.” Testifying for NAR before the House Committee on Small Business, Jim Helsel, NAR treasurer, said there are “three critical features for an optimal home buyer tax credit.”

* The credit should apply to all residential real estate — not solely foreclosed properties.
* It should be temporary and only apply for a short period of time.
* It should provide higher income limits than those the House has imposed, particularly for single individuals.

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