State of Housing: Tax Credit Must Be Extended to Sustain Stability
With the $8,000 homebuyer tax credit due to expire in little more than a month, the Congress is looking into the possibility of extending it for another six months and perhaps even expanding the program’s reach.
On Tuesday the Senate Banking Committee held a hearing on the State of the Nation’s Housing Market. Committee Chairman Chris Dodd (D-CT) called for an extension of the homebuyer tax credit saying, “As part of the economic recovery package, we created an $8,000 first time home buyers’ tax credit, replacing an unsuccessful and overly complex loan program with one that is already having an impact. The homebuyer tax credit has already been used by nearly 2 million first time homebuyers. In addition to helping middle class families achieve the dream of homeownership, the tax credit has helped to stabilize housing prices and the market at large.”
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