Submitted by WWAY on Mon, 06/09/2008 - 4:14pm.

To encourage first-time buyers, Congress is proposing a temporary home-buyer tax credit. It will apply only to first time buyers and those who haven't owned a home in three years. The goal is to encourage home sales and soak up some of the housing oversupply that's dragging down the market. Melissa Davis and her husband just bought their first home and are pleased with the outcome. Davis said, "The process was quite simple, and I feel like it was a fabulous time to buy for us as first time home buyers. The price of the house was a lot lower than it would have been from when we were looking at other times. We also got a really great interest rate." Typically builders who are looking to sell new homes give a little incentive to potential buyers as well.

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