First Time Home Buyers Boosting Housing Market

According to recent figures released by the National Association of Realtors, nearly half of home sales are now being made by first-time purchasers. The tax credit boosted the market by giving first-time buyers up to $8,000 which they could deduct from their income taxes. Approximately 47 percent of all Americans who purchased homes this year had not owned one during the previous three years, which is up 41 percent in 2008, and 36 percent in 2006. "The credit is working better than first projected -- it now looks like we'll have 2.3 to 2.4 million first-time buyers this year," said Lawrence Yun, chief economist for NAR. To continue reading, click here.