This is the greatest opportunity we have had in a long, long, time!!! Please remember: a Tax Credit is not a tax deduction. It is a dollar for dollar savings in the total income tax paid.
This provision is a direct subsidy to home buyers. Just think what this means and the opportunities it opens to us.
How big is the first time home buyers' market: about 40% of the buyers nationally!!!! What a golden opportunity for us in Oklahoma with a median house price that is low. This credit is essentially a 10% price reduction on a $80,000 house and a 5% reduction on $160,000 house.
Combine that with the lowest mortgage rates in our lifetime and the opportunity is just mind boggling.