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How the $8,000 Tax Credit Cost Home Buyers $15,000

Price declines have more than eclipsed savings, new numbers show.

The government's recent $8,000 cash incentive for first-time home buyers has proved even more costly for recipients than for taxpayers, according to data released Monday. Typical buyers have lost twice as much to price declines as they received from the program.

The median home value fell to about $170,000 in March from $185,000 a year earlier, according to Zillow.com. That means a buyer who closed on a house...Click Here for the rest of the story

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