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April 30th: Deadline for First Time Homebuyer Credit

For home builders, April 30th looms large. It marks the end of the First Time Homebuyer's Tax Credit.

Since the burst of the housing bubble and the subsequent drop in home sales, contributing to the deepest recession in half a century, this credit, established by Congress, seeks to push new homeowners into the marketplace.

By offering first time homebuyers an $8,000 tax credit for purchasing a new home, the credit offset the lack of funding offered by private lenders. But what will happen after April 30th if the credit isn't extended?

Houses will continue to sell but maybe not right away. We might see an additional drop in sales contracts but, eventually, buyers will still be out there. Because couples get married and start their lives and they want houses.

It would be nice to see the credit extended a little longer but, if not, we'll still houses sell. April will be the month of many contracts as the buyers rush to get in under the deadline.

We're keeping a close eye on the situation here at Builder Chicks and we'll keep you on top of the latest news as it comes out of Washington.

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