Although half of all Illionis home buyers took advantage of the federal home buyer tax credit while it was offered, only 16.5 percent of them would not have bought a home otherwise, according to a study by the University of Illinois Regional Economics Application Laboratory (REAL).
The local study casts doubt on a Government Accountability Office (GAO) study that claimed the tax credit had a much greater impact. The REAL researchers compared the pace of home sales before the housing crisis, after the crisis but before the tax credit, and while the tax credit was in effect.
Read the full study here.
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