The drumbeat is growing in Washington for extending — even expanding — the popular $8,000 tax credit for first-time home buyers, a soon-expiring benefit that some experts estimate is on its way to spurring as many as 400,000 additional sales this year.
The program has been a component in the federal effort to resuscitate the devastated real estate market. Reversing falling housing prices by stimulating sales is a key to halting the tide of foreclosures that have helped drag down the economy.
Realtors and home builders, along with many members of Congress, are pushing hard for an extension of the program. They argue that although the housing market has shown signs of recovery, it still needs the help. In fact, they are pushing to increase the tax credit to $15,000.
Full article from the LA Times: Calls to renew home buyer tax credit get louder in Washington