First Time Home Buyer Tax Credit Extension – 2010 Tax Credit Expiration Nearing
Posted on | March 26, 2010 | 1 Comment
The first time home buyer tax credit extension is likely to be a very hot topic in Washington over the next few weeks. With the 2010 first-time home buyer tax credit expiration nearing we can expect to see a great amount of buzz about a possible extension. At this point no one knows how long the extension could be.
The first-time home buyer tax credit was designed to help the overall housing market by getting first-time homebuyers into the market. For the first few months of this tax credit there is little argument that we saw a stabilization and increase in home prices. Unfortunately, over the last few months that does not seem to be the case.
There has been a large amount of data that has been produced showing that home prices are no longer increasing the way they were in April and May of 2009. There are some pieces of data that are actually showing that home prices are falling in certain areas of the country.
With this being the case there’s a very good chance that we could see another first-time home buyer tax credit extension. As stated earlier, no one knows how long this extension will be but there is a possibility with the housing market continuing to struggle.
Author: Jeremy North
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One Response to “First Time Home Buyer Tax Credit Extension – 2010 Tax Credit Expiration Nearing”
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March 26th, 2010 @ 5:11 pm
I entered into escrow on 1/5/2010 on a short sale home and just yesterday had to sign addendum to push escrow out until 4/26/2010 because we are still waiting on bank to approve. I live outside las vegas nevada and we have one of the hardest hit areas but without an extension of this credit again, I may lose out only because of how long the banks are taking to process.