Tax credit puts $2.6B in brokers’ pockets

The first-time homebuyer tax credit has led to $2.6 billion in commissions for brokers, the National Association of Realtors estimates. According to association numbers released yesterday, 1.8 to 2 million first-time buyers will make use of the tax credit, with as many as 350,000 of those sales likely happening because of the credit. NAR spokesman Walter Molony said the organization supports the tax credit because it will reduce inventory and, as a result, stabilize prices.