First Time Homebuyer Tax Credit

As an addition to my last post, I forgot to add that the up to $8,000 tax credit for first time homebuyers adds great incentive for new buyers to enter the market during 2009. The credit against taxes owed does not have to be repaid (unlike the 2008 credit) and is available to first timers with individual adjusted gross incomes not exceeding $75,000. A detailed explaination of the credit is available on the NAHB site.