The budget deficit argues against it. And I'm guessing Congress figures, correctly, that the tax credits have been in place long enough to give potential buyers an opportunity to buy. Besides, it appears that the recession actually ended a few months ago, and Congress knows it. If it's looking for ways to stimulate the economy, it'll find other, new ways to do so.
That's just a guess on my part. But I don't see the necessary pressure to continue them.
Unfortunately, I am starting to be very concerned about what will happen in the market after April 30, 2010. Unless lending requirements loosen and the unemployment picture gets much rosier, I'm afraid it may get worse before it gets better. That is something I'd be HAPPY to be wrong on.
Tell your clients that they want to get into escrow now.
It looks very unlikely that it will be extended again & the closer we get to the deadline, the heavier the competition will be.
Anther thing is certain: a lot of buyers are going to be very sad when they miss out on their 'wealthy uncle's' gift.
When the First Time Homeowner's tax credit was extended back in October of last year there were several questions that congress did a good job of closing this time.
1. A contract must be ratified by April 30, but does not have to close until June.
2. Included a Current Homeowner Tax Credit to try and boost the "trickle up" effect of home buying.
As the economic recovery signs are being seen in several sectors I agree with Don and Pam. We will not be seeing an additional extension on the current Tax credits.
But that doesn't mean they can't introduce something new!