First-time buyers crucial to recovery

House Keys

The premier event for luxury agents and brokers
Luxury Connect | Oct. 16-18 | Beverly Hills

Can first-time homebuyers save the U.S. economy?

Plenty of politicians, pundits and prominent economists believe so. In fact, new homebuyers are so crucial to a recovery that the federal government has anted up an $8,000 tax credit for those who haven’t owned a home in the previous three years, and the state of California has added on a whopping $10,000 tax credit for residents who buy a brand-new home in the state this year.