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Tax Credit for home purchases to end soon…

As much as the First-time Homebuyer tax credits aided home sales in 2009, and with the latest installment of tax credits aiding even ‘move up’ borrowers it appears that the party is coming to an end.

Vicki Cox Golder, the 2010 National Association of Realtors ( NAR)  President, circulated this memo to NAR Assoc leaders yesterday indicating that the homebuyer tax credit will probably come to an end when the current deadline of April 30 rolls around.

As you know the deadline for the Homebuyer Tax Credit is fast approaching.  Buyers must have a contract in place by April 30, 2010 with a closing date no later than June 30, 2010 to claim the credit. We expect that REALTORS® will be asking you what NAR is doing to extend the tax credit.  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.   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.

As a reminder, home buyers must sign a contract by midnight April 30th and close by midnight June 30, 2010 to qualify.

 
Government proponents of the $8,000 credit for first-time buyers and the $6,500 credit for move-up buyers made it clear during a recent debate on Capitol Hill that the benefits would not be renewed when they expire.

During the aforementioned debate on Capitol Hill, Sen. Johnny Isakson (R-Ga.), a former real estate broker and a longtime proponent of the tax credit, promised his colleagues, "This is the last extension."

How do you think this will affect the housing market ?

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