Almost 15,000 people in Connecticut have taken advantage of the first-time homebuyers’ tax credit since it came into effect. But IRS officials are warning that time is running out for those who still want to claim the cash. WNPR’s Harriet Jones reports.
The first time homebuyer tax credit offers an $8,000 incentive to those just getting a foot on the real estate ladder – one of the ways the federal government has attempted to shore up the crumbling housing market. Around the nation, 1.8 million people have now filed for the credit – claiming $12.6 billion. In Connecticut so far 14,700 filers have claimed over $103 million. But IRS spokesman Gregg Semanick says those who want to be added to the statistics should hurry.
They need to have a binding sales contract to purchase a home in effect by April 30th 2010, and they must close on that home by June 30th, 2010 in order to qualify for the first time homebuyer credit.
The national association of realtors estimates that around the country, the credit has probably added just shy of a million buyers to the market, and they believe its allowed home prices to stabilize. Connecticut recently saw its third straight month of modest price rises, along with double digit gains in sales.
For WNPR, I'm Harriet Jones.