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Housing Industry Looks to More Tax Credits - NYTimes.com →
Now the sponsor of the original Senate bill, Johnny Isakson, Republican of Georgia, is back with a new bill that would give a maximum $15,000 credit to any buyer who stays in a home for at least two years.
“The problem now is not first-time buyers, it’s the move-up market — the guy transferred from Chicago to Atlanta who can’t sell his house,” said Mr. Isakson, a former real estate agent.
Without a new and more generous credit, he warned, there would be a downward spiral of home sales and more foreclosures, provoking a second recession.
