Extend the Tax Credit

Extending the First-Time Home Buyer Tax Credit, due to expire at the end of November, is high on the Democratic Congressional to-do list, legislative aides said.

After last Wednesday's meeting with President Obama and House Speaker Nancy Pelosi (D-Calif.), Senate Majority Leader Harry Reid (D-Nev.) released a statement that the government should, "continue efforts to strengthen the housing market by extending the home buyer tax credit."

Mark Zandi, chief economist at Moody's Economy.com, who is a consultant to Democrats in the administration and Congress, is advocating extending the credit through August and making it available to all home buyers. He said failure to extend the credit just as more foreclosures enter the market will push housing prices down.

Also, the House is expected to pass legislation to extend the credit through 2010 for people who have been out of the country in the military, intelligence, or foreign services.

Source: The New York Times

"Let's hope this is true," says Realtor Michelle Sloan. "There are too many buyers out there who want to take advantage of this tax credit but can't for a number of reasons. They may not have enough money for down payment and closing costs or they could be waiting for the acceptance of a short sale offer from a lender - which takes up to six months to close".

Ask your congressman to extend the home buyer tax credit and make it available to all home buyers!!