Any Progress With Extending The Tax Credit?
The Mortgage Bankers Association is saying they are very close to winning the battle in Congress. I think it can’t hurt to extend it but I don’t think it is going to make or break the housing market as I have said before.
The article from MarketWatch states “It’s not clear what form legislation to extend the tax credit would take; at least 20 bills have been drafted in Congress regarding the credit. Some proposals would not only extend the first-time-buyer credit into next year but would expand it to include all buyers, remove income restrictions and raise the maximum value of the credit as high as $15,000.”
My opinion is there is absolutely no reason to go to $15,000. It might not be a bad idea to extend it to others who are not just first-time buyers but I don’t think it should go to investors. If it is for a primary residence then I am okay with that. We will see what happens.