The surge in
first-time homebuyer demand, and the decline in overall purchases, was driven by supply-demand imbalances in today's housing market," Liu said in a statement.
Together, these developments hold the potential to unleash
first-time homebuyer demand.
CPG has identified the
first-time homebuyer market as one of the two allied real estate segments for its business expansion, with the other being leisure and tourism.
In this case, the Tax Court held that a taxpayer who acquired his first home from a family trust was not eligible for the
first-time homebuyer credit under IRC Section 36(c)(5), because he purchased the home from a related person.
A house that a married couple continued to use while trying to sell it was their principal residence during that period; therefore, they did not meet the timing requirement to qualify for an $8,000
first-time homebuyer credit when they purchased a new house, the Tax Court held.
6111 general interest rules applicable to overpayments of tax apply to the
first-time homebuyer credit.
Can the expiring
first-time homebuyer tax credit bring this moribund market back to life?
In anticipation of the looming
first-time homebuyer tax credit expiration, home builders are hedging their bets on speculative construction in the hopes that the extended April 1 deadline will incite a frenzy of last-minute purchases.
In November 2009, President Obama signed a new bill to extend and expand the
first-time homebuyer tax credit.
Mortgage broker Fred Chamberlin hopes to give Eugene-Springfield an economic infusion by claiming $1 million in federal stimulus money - one
first-time homebuyer at a time.
According to the IRS Website, a
first-time homebuyer is anyone who has not owned a primary residence in the three years before the home purchase.
But skeptics counter that Los Angeles, state and federal governments already fund Section 8 rental assistance, low-income housing subsidies and
first-time homebuyer programs.
