Will the Tax Credit Get Extended?
12 Apr2010
Filed Under Buying · Tagged: 8000 tax credit · Print This Article
The likely answer: no. No, the tax credit is probably not going to get extended. We talked about the tax credit’s remaining weeks in an earlier post.
Unlike with earlier extensions, the NAR is not lobbying for it again. President Vicki Cox Golder said in a letter to association leaders, “NAR has had extensive discussions with our congressional allies and concluded that an additional extension of the tax credit is unlikely. While lawmakers recognize that the tax credit helped stabilize the market, it appears that much of the benefit has been realized.”
She continued by saying, “NAR is now focused on working with our REALTOR Party champions to improve the availability of financing, which continues to be an issue. Specifically, we are working with Congress to strengthen FHA and to help develop a new business model for the secondary mortgage market giants Fannie Mae and Freddie Mac.”
There aren’t any big players in the ring fighting to extend the credit again. And the congress person (Johnny Isakson, R-GA) who introduced the legislation for the last one isn’t behind an extension this time.
We can’t even find a lot of buzz or rumors online that there’s any talk of an extension. So, don’t sit back and wait for one to happen. While nothing is impossible, there is NOT an extension in the works right now in any serious way.
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