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Changes in Tax Credit could increase Home Sales

US Housing Market could see home sales of an additional 555,000 units, if all home buyers are provided with tax credit without repayment option, a study by National Association of Realtors reveals.

According to the evaluation of buying options carried out by NAR, 2.22 million households would become eligible for purchasing a home in case of a full tax credit to all buyers. However, only one out of these households would actually go for a purchase, the report adds.

While the current tax credit of $7,500 for the first-time home buyers with repayment option within 15 years help 264,000 households buy homes, the same provision for a term of 10 years would attract only 66,000 additional sales. Another option before analysts is to drop repayment feature so as to enable 202,000 households meet the requirement of home purchase.

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