Tax break for Homeowners before Congress
Lawrence Yun, chief economist for the Naional Assoc. of Realtors, addresses the problem that we are facing in the housing market and tells of a tool that Congress could use to do something about it. “A crisis in confidence is what’s keeping home sales from rising. Our mortgage interest rates are at historic lows”, he says and “households that can afford to buy today are making the decision to wait ” in the hope that home prices will continue falling. “Our federal lawmakers have a tool under consideration that will break the vicious cycle of hisitancy that grips our markets: a homeownership tax credit for owner-occupying buyers. The District of Columbia has used such a tx credit for years with great success. Several proposals in Congress would apply vaiations of it nationwide” with credits being given of up to $7000. “The cycle of fear that grips our housing markets can be broken with passage of this modest tax break for home buyers.” Let’s encourage our lawmakers to consider such a bill.
