For first time home buyer’s the $8000 tax credit will end on November 30. The tax credit, many believe is what is driving home sales and helping to stabilize home prices. If this is one of the driving factors, why stop the credit on November 30. Let the credit continue onto next year, we have just only begun seeing the real positive changes in the market this summer.

The National Associations of Realtors is fighting for this continuation of the tax credit and many other items at this very moment in Congress. Some of the items NAR hopes to improve and what Congress to address:

• The lack of liquidity in the jumbo mortgage market;
• Tight credit in the commercial real estate market;
• The Home Valuation Code of Conduct’s unintended side effects that are hindering sales;
• Increased funding to help FHA upgrade their technology and for Congress to ensure that funding be included in the final version of the FY2010 appropriation for HUD;
• Administration incentives and uniform procedures for speeding short sales under a new Foreclosure Alternative Program; and
• The potential for significant spikes in interest rates or disruptions to the flow of mortgage capital as the Federal Reserve unwinds the mortgage-backed securities purchase program to ensure that this does not happen.

If Congress listens and addresses those issues for 2010, look for a great positvie change.

Tags: $8000 Tax Credit, congress, FHA, First Time Home Buyer, Foreclosure, NAR, National Area of Realtors, November 30, Real Estate, stabilize

Posted on Wednesday, October 21st, 2009 at 9:55 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.