Over the summer, many in the housing industry applauded the temporary first-time-homebuyer tax credits written into the Housing and Economic Recovery Act of 2008, but apparently buyers were not as impressed.

The tax credit gives first-time homebuyers a credit of up to $7,500 for buying a home between April 8 of this year and July 1, 2009. Real estate agents say it has not been effective in getting people to buy homes, which would reduce the excessive inventory on the market.

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