Extension For Homebuyer Tax Credit?

The $8,000 First Time Homebuyer tax credit is set to expire November 30, 2009.  Market research shows that the tax credit and low rates has made a dramatic impact on our steps to a recovering in the real estate Sector.

Maryland Sen. Benjamin Cardin has introduced S.B. 1678, and is co-sponsored by senators John Ensign (R-Nev.), Johnny Isakson (R-Ga.), Senate majority leader Harry Reid (D-Nev.) and Debbie Stabenow (D-Migh.).

This proposal is merely an extension of the tax credit set to expire, and does not change any of the other rules and restrictions (like opening it up to all homebuyers).  If the bill passes, it would extend the credit until June 1, 2010.

As of mid September, the Treasury reports that nearly 530,000 Americans have applied for the tax credit.  With defaults continuing to rise it seems likely that S.B. 1678, or a similar bill will pass.

-Matt Cady