Will the $8000 First-Time Buyer Tax Credit be Renewed?

The $8,000 First-Time Buyer Tax Credit expires Nov. 30, there are Bills pending in both the U.S. House and the Senate to extend or revise the credit.Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun saying, "It's something we can get done."Connecticut Democratic Senator Christopher J. Dodd, chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Senator Johnny Isakson that would raise the credit amount to a maximum of $15,000. I don't think this is going to fly, but an extension is possible.As I have said before, a bird in the hand is worth more than two in the bush. If you are planning on buying a home and you can close before Nov. 30th, I recommend you do so. Home prices are low, interest rates are low, it is a buyers market and we don't know what our leaders in Washington are going to do for sure.
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