The Home Buyer Tax Credit is Going Away!

Home Buyer Tax Credit

I guess we can all kiss the government Home Buyer Tax Credit bye, bye, bye.  From the reports I’ve read and information I’ve heard it appreas to be going away with not much of a chance for a second extension.

NAR , The National Association of Realtors,  appears to have given up hope of getting it extend and posted this information on a website.

“NAR has had extensive discussions with congressional allies and concluded that an additional extension of the tax credit is unlikely. While lawmakers recognize that the tax credit helped stabilize the market, it appears that much of the benefit has been realized. NAR is now focusing on improving the availability of financing.”

Well that sure is a bummer but at least we know they are going to now try and work out the many wrinkles in the mortgage industry. This should be interesting going forward.

Congratulations to all you buyers and sellers that took advantage of the tax credit and received your benefits.

Steven Beam is a member of the National Association of Realtors.