Will the $8000 tax credit be extended?
I don’t know — maybe.
Heck, there is even talk in Washington that the $8000 tax credit will not only be extended as far as timeframe - but also opened up to all people buying a house, not just the people who are buying their first home.
“H.R. 2801 (111th Congress) 2009-2010 Home Ownership Moves the Economy (HOME) Act of 2009, is a bill sponsored by Howard Coble, a U.S. Representative from North Carolina’s 6th District. Representative Coble’s bill’s goal is to extend the tax credit into 2010 as well as allow all home buyers take advantage of the tax credit.”
Even more interesting is the idea in the bill that would not only expand the credit into 2010 and open it up to all home buyers, not just first time home buyers — but it also would expand it to be a maximum of $15,000.
If - and I mean IF - this new bill passes in its current form, I suspect that it would have a huge impact on the market - and if it hadn’t already turned around, this would be the thing to turn it around.
Of course, we might all go broke trying to pay for it in the process, but heck - what is another couple of billion dollars on top of the trillions we are already spending?
Stay tuned.
It will be interesting to watch if it gets extended or not.
