The recently launched web site, federalhousingtaxcredit, that was developed for the newly signed tax credit law has brought over 100,000 visitors. This shows that there is a rather strong interest of first time home buyers wanting to take advantage of the temporary incentive. The $7,500 tax credit is available for all first time homebuyers who buy a home from April 2008 to July 2009. The tax credit was signed in hopes of encouraging potential first time homebuyers to take advantage of the surplus of available homes and buy now. Many potential first time homebuyers have hesitated as the economy continues to dip; however, now is a buyer's market and a great time to take advantage of the falling home prices.



According to the National Association of Home Builder's President Sandy Dunn, in response to the number of hits on the website, "The initial response is encouraging." She goes on to say, "This could be the trigger that helps move prospective first time buyers off the fence and back into the market. But it won't last forever." The tax credit that is drawing so much attention is a part of several provisions that have been enacted into law recently that was meant to get the housing market and the economy back on their feet, so to speak. The attention and number of hits is encouraging but time will tell.

The popular web site offers useful information regarding how the tax credit will work and includes the requirements for eligibility. So far the site has attracted nearly 120,000 hits which work out to nearly 10,000 per day. Details, questions and answers regarding how first time homebuyers can take advantage of the credit is divided into four user friendly sections:

* Tax Credit at a Glance: Providing an overview of just how the credit works this section is valuable to the visitors who are just hearing about the tax credit incentive.

* Frequently Asked Questions: This section offers an easy to understand common questions and answer format and contains basic information regarding the tax credit. This includes the definition of a first time homebuyer, the homes that qualify for the credit, the income limits that will qualify as well as the payback provision and other common questions and concerns.

* The Law's Other Provisions: This section offers a summary of a number of provisions from the Housing and Economic Recovery Act of 2008 in addition to the tax credit. This section will offer information on how to prevent foreclosures, revive the housing market and how to make the nation's economy stronger.

* Home Buyer Resources: This section offers links and resources that will make the buying process simpler and smoother for the first time homebuyer.

The efforts of the website and the Act come at a time when the housing market is in crisis and the number of foreclosures is increasing steadily. The crisis casts a shadow of gloom over the economy on the whole and by stimulating the housing industry with relief and incentives there is a hope that will move that shadow away and offer a ray of hope and sunshine.