There are several proposals in the works to extend or build on the current $8000 tax credit for buyers that are first time homebuyers. The current credit ends in November, but the new proposals would extend the credit and possibly allow for all buyers to take advantage of the credit through 2010. First time homebuyers currently make up to 40% of the buyers that are buying. Certainly extending the credit and allowing all buyers to participate in the program would have a positive effect on the current housing market difficulties. We have seen many Salem Oregon buyers that are first time home buyers decide to purchase a home to take advantage of the credit and also the historically low interest rates that we have seen the past few months. This has helped to boost sales activity in the local Salem Oregon Real Estate Market.
I will be updating this blog as more information comes available.