The National Association of Realtors estimates the $8,000 first-time homebuyer tax credit in the economic stimulus bill could generate 300,000 additional home sales this year. The bill, which the House and Senate passed on Friday, also raises the maximum loan limit for Fannie Mae, Freddie Mac and Federal Housing Administration loans to $729,750 for the rest of this calendar year. "These important provisions will help bring first-time homebuyers into the market and reduce housing inventory," said NAR president Charles McMillan said. President Obama signed the bill Tuesday morning.
Processing Content
