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US tax credit fails to move real estate

US tax credit fails to move real estate

Governments incentives are failing to kick start any real activity in the USA real estate sector.

The real estatet market across America continues to struggle on the road to recovery; real estate sales are very depressed for the first two months of the year and agents are concerned that without more government aid the situation will get steadily worse.

The success of the first tax credit for new buyers has not been repeated since it was extended to existing real estate owners; almost a third of all residential real estate properties across the American morgage market are worth less than the amount owed on the loan, making it nigh on impossible to sell and qualify for the tax credit.

As the April deadline approaches, realtors are hoping for increased sales activity during which is traditionally a very active period but many are concerned that with continued high unemployment, consumer confidence is starting to fall dangerously low.

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Published: 12-Mar-10

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