Extension or Expansion of the $8000 Homebuyer Tax Credit
The National Association of Realtors is asking Congress to extend the Homebuyer Tax Credit past the November 30, 2009 deadline. There was even some discussion about expanding that Tax Credit to all purchasers! It is my opinion that the Tax Credit should be extended. It definitely has increased real estate sales and stimulated the economy in major sectors, but I think the credit should be reduced to $5000. I, personally, would also like to see this Tax Credit expanded to include all purchasers of principal residences, meaning investors would not qualify. I think this would help stimulate the economy over the next several months until the housing market gets closer to a full recovery.