Whew! Many of us in the real estate industry breathed a mass sigh of relief when the government committed to continue the first time home buyer tax break initially granted last year.

This tax credit is truly what buoyed the realty market by causing Some potential home buyers, who presumably may not have bought without it.

The opinions on exactly how much impact the tax credit has had on the real estate 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. Give that all of us benefit from the economic stability that is brought by the tax credits, especially in the real estate business, and fields tied to it.

Some people point out that the tax grant simply induces people who were already planning on buying to buy. This point of view forgets that the entire point of establishing the tax credit was to help the real estate market for the short term. Since Many of the buyers who are buying right now were obviously already looking, then the limited deadline of the tax grant will help them decide to buy sooner, rather than later.

And, there is always those who try to manipulate the system. Many people who do not qualify for the first time home buyer tax break will fraudulently claim the benefits. If caught and convicted of the tax fraud involved some will face fines and jail terms that exceed any possible benefit they would have gotten.

The tax break helped save the real estate market from falling so sharply that Some Americans would lose most if not all, of their wealth, and may never want to invest in realty again. This tax break will be the first in Some steps taken by the government in assisting the realty recovery across the nation.