Sen. Corker Wants $15,000 Credit for Home Buyers

The housing market looks for hope today and it may mean a new tax break for you.  There's already a tax credit for first-time home buyers.  Now, Tennessee Senator Bob Corker says he will fight for an existing home-owner's credit on a new house.

Corker says housing will lead the country out of the recession, even as Chattanooga real estate agents are seeing foreclosures.  "We have quite a few foreclosures and we're expecting to get more according to what Washington tells us," says Chattanooga Association of Realtors President Nickie Schwartzkopf.

But a bit of good news came from Corker Tuesday, who delievered welcome news to the Realtors.  "Things feel like they're beginning to turn around as it relates to real estate no question," says Corker.

Everyone agrees that is in large part to the $8,000 first-time tax credit.  It has allowed new home buyers to move in and existing homeowners to move up.  But time is quickly running out on the opportunity.  "Because it has to be bought and closed on by November 30th, so it takes a little over thirty days to get a loan through so we're getting down to the wire," Schwartzkopf says. 

Corker hopes the tax credit will be extended.  In fact he wants a $15,000 dollar tax credit for any home buyer.  All though he's not a huge fan of the 'cash for clunkers' program, he says it proved it you give buyers a break, they will buy.  "Even though the 'cash for clunkers' program was one that didn't work particularly well from a logistics standpoint, I think it showed that incentives do drive people."

And a purchased home means paid property taxes and money spent at stores for everything from furniture to paint.  "If you can buy, now would be a great time to do that and to own a home," says Schwartzkopf.

Corker also talked briefly about the health care debate, saying he agrees some sort of reform is needed -- but he doesn't agree it should be rushed through Congress.