The National Association of Realtors is calling upon it's 1.2 million members to urge Congress to extend the successful homebuyer tax credit into next year.
Since its inception earlier this year, the $8,000 first-time homebuyer tax credit has brought 1.2 million new buyers into the market. Some 350,000 of whom would not have purchased a home without the tax credit according to the NAR. The credit is due to expire November 30th.
According Charles McMillian, NAR President, the housing market has improved, but has not yet fully corrected itself. McMillian further said that the credit needs to be available for an additional period of time, in order to sustain the progress that has been made so far, so the market can fully recover.
As it typically takes 45 to 60 days from contract to close, time is running out for homebuyers, and Congress. Hopefully action will be taken.