Congress Urged to Restore Home Buyer Tax Credit
The National Mortgage Complaint Center, a consumer advocacy group, is asking Congress to introduce legislation to restore the federal tax credit for home buyers in order to “rescue the U.S. residential real estate markets” and prevent home prices from dropping any further.
The group is asking the tax credit be increased to $15,000 and be available to every qualified home buyer, including investors, first-time buyers, and repeat buyers.
“With the enormous devaluations we have seen in most U.S. residential markets, we need to stop the hemorrhaging, and do something meaningful to stabilize one of the most vital aspects to the U.S. economy — our residential real estate markets,” the National Mortgage Complaint Center said in a statement.
Last year, Congress offered a home buyer tax credit for first-time and repeat buyers to help spur home buying. The maximum allowable credit for first-time buyers was $8,000 and $6,500 for repeat buyers. Congress is not currently considering any new legislation to expand the home buyer tax credit.