Tulsa World: Congress backs expansion of tax credit for homebuyers

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Congress backs expansion of tax credit for homebuyers

By Staff Reports
Published: 11/6/2009 3:10 AM
Last Modified: 11/6/2009 3:13 AM

Related story: Jobless benefits approved.

In another effort to help the country’s struggling economy, Congress on Thursday moved toward extending the tax credit for first-time homebuyers and expanding it to some who already own homes.

The $8,000 tax break was set to expire Nov. 30 but will continue until another five months after a new bill receives President Barack Obama’s signature Friday morning.

Buyers who have owned homes for at least five years could be eligible for tax credits of up to $6,500. First-time homebuyers — or people who haven’t owned homes in three years — could get up to $8,000.

John Hausam of ERA John Hausam Realtors in Tulsa said there are still a lot of people who want to buy a home.

“It has spurred our market a bit in the past four or five months,” he said. “It’s been a good thing all around.

Tulsans have been eager to take advantage of the tax credit, but people who haven’t found a place yet would have trouble closing in time to get the benefit.

The extension would be good for the economy locally and nationally, Hausam said. “I think it’s a very important factor in bringing our economy back around,” he said.

Joe Robson, chairman of the National Association of

Home Builders and founder and president of Robson Cos. Inc., a Tulsa-area firm, said in a press release that the extension of the tax credit is a major victory for the trade organization.

“NAHB has worked tirelessly to make this a reality,” he said. “On the legislative and grass-roots front, our lobbyists have been in continuous contact with House and Senate congressional leaders and encouraging action on several fronts to achieve our housing priorities.

Mike Forslund bought his house at 11th Street and Garnett road just in time to get in under the original deadline, but he would recommend that others take advantage of the extension. “It’s really tough to purchase a house these days,” he said.

Forslund, 29, plans to use the money he saved to fix up his house and add to his savings account, he said.

“I’m sick of renting — throwing my money away,” he said. “I’m getting older, it’s time I invested in something.

The Associated Press and the Tulsa World Business staff contributed to this story. By Staff Reports

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	Report Comment livinintheburbs, (11/10/2009 5:22:37 PM) Cash for Homesters....
	Report Comment Few Clothes, America (11/6/2009 10:27:40 AM) The country now has a 10.3 unemployment rate and buying houses is supposed to stimulate the economy?
	Report Comment Few Clothes, America (11/6/2009 3:33:48 PM) So the builders and realtors think this is a great idea for them? It must be nice to be so selfish.
	Report Comment OPEN YOUR EYES TULSA, Tulsa (11/6/2009 9:24:27 AM) It is socialism. Taking our tax dollars and bribing people to help out the real estate industry. What about people that have lived in the same house for 20 years and lost their jobs and can't make the payments. Where is their tax credit? If it is not socialism the tax credit would be for everyone.
	Report Comment Juniorbhs1, (11/6/2009 6:25:32 PM) In other news...The bill to which this home-buyer tax credit was attached to also stipulates that there will be an extension for the unemployed. This means those of you who lost your jobs and can't make payments have more time to benefit from this bill just as the home-buyers do. One group of people will be repaying these advances in local taxes while the other group will be...renting?
	Report Comment desert fox, (11/6/2009 6:30:47 PM) The Commies are coming, the Commies are coming, we want a tax credit for everyone. That's not Socialism then! Boo Hoo!

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