Move Up Homebuyer Tax Credit Extension in 2010 Unlikely – $6500 Federal Government Tax Credit Expires Today
Posted on | April 30, 2010 | Comments Off
The move up homebuyer tax credit that was created in November is set to expire today, April 30th, 2010. Many Americans were wondering if there would be a move up homebuyer tax credit extension in 2010 but it is safe to say that this is very unlikely as the expiration is today.
Over the next few months it will be very interesting to see how the housing market reacts to this tax credit being over. There is little argument to be made that this tax credit has helped the overall housing market. Many analysts feels that the first time home buyer tax credit combined with the move up homebuyer tax credit have helped to stabilize many housing markets that have greatly struggled over the last few years.
With the possibility of higher mortgage interest rates and the expiration of the government tax credits it will be very important to watch the new home sales numbers that come out for the month of May. New home sales for April will likely blow out the number as this is the expiration month but May 2010 is much more important.
Author: Heather Best