Real estate agents and builders hope an $8,000 tax credit will encourage new buyers to bite, jump-starting the market. Oakdale residents Mandy Palank and her fiance, Jeff Thalhuber, toured a bank-owned home in Eagan and liked the yard but the kitchen needed work. "The $8,000 credit is definitely a huge incentive." In the unfolding drama of the nation's troubled market, the role of first-time buyers has come into focus with the passage of the federal stimulus package but the tax credit is only available to people who haven't owned a home in the past three years and it can be applied to home purchases made by November 30. The National Association of Realtors estimates that the measure could compel as many as 300,000 people to buy homes.
Reprinted from St.Paul Pioneer Press article
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