Ft Lauderdale Lifestyle Blog

National Association of Realtors calls for tax credit extension South Florida Business Journal - by Jeff Clabaugh Washington Business Journal

The tax credit that has helped lift home sales expires in just over two months, and the National Association of Realtors wants it extended.

The $8,000 first-time homebuyer credit will expire Nov. 30, giving any buyers hoping to take advantage of it a very short window to qualify, when factoring in the time it takes to find a property and to close on its sale.

“Now is the time for Congress to keep this recovery going by extending the tax credit through 2010 and making it available to more homebuyers," NAR President Charles McMillan said. “The credit needs to be available for an additional period of time in order to sustain the progress that’s been made so we can continue to see our markets fully recover.”

The first-time homebuyer credit, which was implemented earlier this year, has brought 1.2 million new buyers into the market, the NAR estimates. It says 350,000 of those buyers would not have purchased a home without the credit