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 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, on Thursday, the House is expected 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, Jackie Calmes (10/07/2009)

Legislation has been introduced to extend the credit, increase it to as much as $15,000 and make it available to all home buyers, not just first timers.

We can hope it will be extended, and we can express our feelings to our elected officials.

This may be the $64,000 question.

With no guarentees of an extension, we are recommending to our customers, if possible, to take advantage of the program before its planned expiration date of December 1, 2009.

Good luck
The Eckler Team

Agosto,

Nobody will be able to answer this question with any amount of certainty. Extending the tax credit will literally take an act of congress and as such the predicability of such a thing is impossible.

Cameron Piper