Yes! Realtors and realty developers across the nation were relieved to learn that the first time home buyer tax credit would be extended for 7 more months.

This tax credit is truly what lifted the realty industry by causing Most prospective home buyers, who presumably may not have bought without it.

The opinions on exactly how much impact the tax credit has had on the realty market cover the gamut. Some taxpayers do not feel like their tax dollars should go toward giving other people a credit for something as random as buying a home. This perspective is negated once you understand that the tax payer is getting in return for his tax dollars, a more stable economy and a better job market since home construction takes Some contractors from different disciplines.

Some critics claim that the tax credit merely creating a short term rush in buying from people who are going to buy regardless. If the tax credit wasn’t designed to be a short term help, then this point would have more credibility to it. The tax credit is supposed to push people who are on the edge of buying into making their decision to help the market short term, rather than several months down the road.

And, there is always those who try to manipulate the system. In this case it is people who have not purchased a home that qualifies under the first time home buyer tax credit program, but will claim the credit anyway. This is, of course, tax fraud and if convicted Many homeowners will find themselves facing possible jail time and penalties that make any tax credit they may get pale in comparison.

The fact that the home buyer tax grants have helped float short term real estate prices is incontestable and Some whose tax dollars went to fund this program know that it was a needed step to keep the entire nations home prices from declining further. As the job market starts to rebound the real estate market will find more buyers and will start to become much rosier in its projections.