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Home buyers, builders encouraged by Valley market activity

Reported by: Mitch Truswell
Email: mtruswell@abc15.com
Last Update: 11/06 7:34 pm

(Getty Images)

PHOENIX -- Now that the home buyer tax credit is extended beyond just first time homebuyers, those who sell homes and those who build them are encouraged.

Ellen Bishop works for Meritage Homes. Its Valley Vista subdivision in North Phoenix has seen sales spurred by the first time home buyer credit. Now that the credit has been expanded to include those who already own a home, Bishop believes it will spur even more home sales.

"I think it'll get more people out looking because it's been tough times for everybody and to be able to get a tax credit people need all the help they can get."

The original tax credit for first time home buyers was $8,000. The credit for existing homeowners is $6,500. To be eligible, you must have lived in the home as your primary residence, consecutively, for five of the past eight years.

The income limits have increased under the new plan. Those with incomes of up to $125,000 are eligible. ($225,000 if married). Homes $800,000 and under are eligible. The credit will apply to sales signed by April 30, 2010.

Construction crews at the Valley Vista site also say the home buyer credit is what will keep many workers on the job.

Many cities in the Valley have seen in increase in home building activity and home sales as of late.

Chandler, for instance, said there were more homes completed in the month of October, than in any month in the prior 12 months.

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