April 30, 2010 Sales contracts must be entered by this date and closed by June 30 to benefit from the $8,000 first-time home buyer tax credit extension and $6,500 tax credit expansion for owners of existing homes who are purchasing a new principal residence
2.3-2.4 million Number of first-time home buyers in 2009, estimates Lawrence Yun, National Association of Realtors’ chief economist
549,000 Number of new single-family home sales the National Association of Realtors forecasts for 2010, a 38.2 percent jump from the 397,000 sales it projected for 2009
1 out of 100 Number of households that live in new construction versus used homes, according to Dowell Myers, a professor at the University of Southern California’s School of Policy, Planning, and Development. However, Dowell believes there is a “Minority Dictatorship of New Construction,” meaning that new construction’s just 1 percent of the market has the power to swing the rest of the housing market, for better or worse
The NAHB predicts the extension and expansion of the federal first-time home buyer tax credit in early November will generate:
211,000
New jobs
180,000
Additional home sales
$9.6 billion
