Wednesday to extend a popular tax credit for first-time home buyers and to offer a reduced credit to some repeat buyers. This is will greatly aid the first time home buyer again as well as possible the repeat buyer. The State $4,000 incentive is still into effect for first time home buyers until spring. Great news for the home buyer in Cedar City Ut. and our Real Estate market.
The tax credit provides up to $8,000 to first-time home buyers but is set to expire at the end of November. The Commerce Department said Wednesday that new home sales fell 3.6% in September, and some industry representatives blamed uncertainty about the tax credit.
Senators agreed to extend the existing tax credit for first-time home buyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years.
