WASHINGTON – Sept. 9, 2011 – The National Mortgage Complaint Center, a consumer advocacy group, is asking Congress to introduce legislation to restore the federal tax credit for homebuyers 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 homebuyer, 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 homebuyer tax credit for first-time and repeat buyers to help spur homebuying. 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 homebuyer tax credit.
Source: “National Mortgage Complaint Center Warns About the U.S. Residential Real Estate Market and Urges Congress To Restore The Home Buyers Tax Credit That Includes Investors,” PRWeb (Sept. 1, 2011)
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