The economic stimulus bill signed by President Obama Tuesday contains a nice bonus for first time home buyers. Purchasers can now get a tax credit of 10 percent of the home's value, up to $8,000.
Some builders and Realtors wanted the credit expanded to all buyers and a quicker purchase window. Buyers have from now until Nov. 30 to make their purchase.
The bill also is retroactive to Jan. 1 of this year and also is open to persons who have not owned a home during the last three years. Unlike the $7,500 credit passed last year, this year's credit does not have to be repaid.
Realtors tell us home prices have dropped some in the area and some buyers have pulled out of the market. Norman sales activity is entering a peak time with university recruiting going on and summer on the horizon.
Foreclosures, while numerous in other areas, have actually declined in Oklahoma. Oklahoma never had the rapid appreciation in values or much sub-prime lending, two factors that have complicated the national housing scene.
