CNBC: White House Considering Extension of Home Buyer Tax Credit

by Will Smith


Last week we wrote that time was of the essence for first-time home buyers to take advantage of the $8,000 tax credit. To give you enough time to comfortably get your paperwork filed and beat the crowds, you have just a couple more weeks to find a home and get an offer accepted. Recall that one source, online brokerage Redfin, recommends having an accepted offer by October 1st and closing by November 13th.

That timeline assumes that the tax credit expires on December 1st, as was originally legislated. But there are lobbies, including the powerful National Association of Realtors and National Association of Home Builders, that are pushing for the deadline to be extended into next year — and further, for the credit value to be increased and for qualifying individuals to be expanded beyond first-time buyers to include everyone.

These lobbying efforts have been known for months, but just this afternoon CNBC reported that the White House is now actually looking at an extension of the credit. While it is impossible to know how seriously to treat that single development, it does suggest that the various lobbying groups are making some headway.

Furthermore, in an article entitled New Push to Extend and Expand Tax Break for Home Buyers, today’s New York Times reports that Johnny Isakson, the Georgia senator who sponsored the current tax credit, has introduced a new bill that is even broader. Isakson apparently believes that an extension and expansion of the tax credit is central to a robust economic recovery. “Without a new and more generous credit, he warned, there would be a downward spiral of home sales and more foreclosures, provoking a second recession,” writes The Times.

We’ll keep watching the situation and let you know of any major developments.

See other articles related to: dclofts

This article originally published at http://dc.urbanturf.com/articles/blog/cnbc_white_house_considering_extension_of_home_buyer_tax_credit/1318


  1. pqresident said at 2:04 am on Thursday September 17, 2009:

    it’s wonderful that all these folks are buying homes and getting a break from Uncle Sam but maybe some of them really should remain renters. the NAR says 350,000 incremental buyers came into the market because of the credit but 1.9M will qualify. a little trusty math tells you that the program will cost the government $15.2B or $43,428 per incremental buyer. quite a bit more than $8,000 per home, isn’t it? we’re flushing the govt’s (and hence the people’s) money down the drain with this one.

  1. Autumn said at 2:16 am on Tuesday September 22, 2009:

    I would really love to take advantage of this program. I am a single mother of two autistic children and just because we make less money, because its so expensive to raise one of these children, much less two, doesnt mean we should be excluded from buying a home too. I am taking part in the Neighborhood Stabilization project here in jacksonville, fl. Without Obama’s stimulus plan, my children would never have been able to have their own room, a back yard to play in or the extra insurance that owning a home could do for them. Now I know that when I die, my childrens future can in part be secured due to the equity in my home. We are not all welfare mothers who have children for sport, we are real people who need help having what most people have. I appreciate all the help that has been given, but this house isnt free, I still have to pay for it..but I do get help with the downpayment and its going to be about 150 more a month than what Im paying now..which is manageable. this way, if I could get this tax credit, I could purchase a car outright and not go broke trying to repair a car Ive had for 12 years and still make my housepayment.

    We are not all on equal footing in this country. But my children are no less deserving than yours are to have a home of their own, without dodging bullets or seeing people sell drugs openly on the street. They didnt make the decision to be poor, the were just born disabled. My whole reason for living is to make their life as happy and comfortable as possible..isnt that what we should do for our most vulnerable citizens?

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