New homebuying boosts take shape
The Obama administration hasn’t agreed to extend the $8,000 homebuyer tax credit, which expires Nov. 1, but is looking at other initiatives that will shore up the property market. One such initiative is a newly approved plan under which Fannie Mae and Freddie Mac will guarantee bonds through state and local housing finance agencies. Support of some sort is likely needed, CNBC‘s Diana Olick said. The home builders confidence index slipped to 18 in September, still above the low of 8 in January, but well below the 50 reading needed to suggest real growth. About 355,000 home sales this year have been attributed to the homebuyer tax credit, according to the administration.
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