Extending the Tax Credit?
October 21, 2009
This information came from the Fannie Mae market updates we subscribe to it give insight as to what is being pushed for in congress:
"Outside of the pressures that have been on the housing market (tight credit, increasing unemployment, and home price declines), the expiration of the first time homebuyers tax credit at the end of the month is beginning to flow through into the housing reports. The tax credit has been attributed with helping to stabilize housing market numbers throughout the summer. Many involved in the housing market are urging Congress to extend the credit, as well as to expand it to all homebuyers and to increase it from $8,000 to $15,000.
At a Senate Banking Committee hearing on the State of the Nation’s Housing Market yesterday, Chairman Dodd called for an extension of the homebuyer tax credit, saying it "helped to stabilize housing prices and the market at large." Dodd joined with Senator Isakson (R-GA) for extending the credit through next June and expanding it "so more middle class families can take advantage of what I believe has been an effective program."
Specifically, Isakson has proposed making the tax credit available to all buyers who purchase a home for their principle residence and whose joint income is $330k or less. He said, "I believe this will provide the stabilization necessary for home values to begin to return.”
The Link below will take you to your congressman's web site where you can write an email in support of extending the tax credit. Please directly mention Senator Dodd's desire to extend the tax credit to middle class earners and quote the article above. Take a few minutes it may just help.
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