BY ERIK BOJNANSKY
Special Correspondent
CondoVultures.com
Somewhere within President Barack Obama's $820 billion stimulus plan is an $8,000 tax credit for first-time home buyers.
The way it works is this: Those who make less than $75,000 a year, or married couples making less than $150,000 a year, who haven't purchased a home in the last three years can qualify for an $8,000 credit come tax day if they buy a home valued at less than $200,000. Individuals who make less than $95,000 a year, or married couples earning less than $170,000 a year, may be able to qualify for partial credits. To take effect, the purchase must be made between Jan 1 and Dec. 1 of this year.
The question is, will the above tax credit help South Florida's troubled real estate economy?
The entire article is available at CondoVultures.com
Peter Zalewski is the founder of Condo Vultures®. Peter can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
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