First Time Home Buyer Tax Credit Extension – Will $8000 Credit Expire in 2010?
Posted on | March 15, 2010 | No Comments
The first time home buyer tax credit extension is sure to be a hot topic in Washington over the next few weeks. Many first-time home buyers are wondering if the $8000 tax credit will expire in 2010. Unfortunately, the only way we will know is if April 30 gets here and there is no bill to extend.
In November, the Obama administration decided that it would be wise to extend the first time home buyer tax credit. Not only did they extend the $8000 tax credit but they also added a $6500 tax credit for move-up homebuyers. This was expected to help the overall housing market and push home prices higher.
Unfortunately, there is a great amount of data coming out today showing that home prices have stabilized and are possibly moving lower again in some markets. With this being the case there’s a very good possibility that there will be another extension of the first time home buyer tax credit and we could even see another expansion.
It will be very interesting to see what Washington does over the next few weeks as this is likely to be a very hot topic. There is no doubt that this will become mainstream news at the beginning of April as many first-time home buyers will look to have this tax credit extended.
Author: Alan Lake
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