Measuring the Impact of the First Time Homebuyer Tax Credit
This paper examines the effect of the First Time Homebuyer tax credit included in the American Recovery and Reinvestment Act on the Washington, D.C. real estate market. By using sales data from periods before, during, and after the tax credit eligibility period, I am able to estimate the impact of the credit on individual sales prices, total sales volume, and the total dollar value of the market. My analysis consistently finds the tax credit had no meaningful impact on the increasing either individual sales prices or the overall market. Given this conclusion, I give several recommendations for a more meaningful and targeted federal homeownership policy.
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