What happens after the Nov 30th deadline of the $8000 credit for first time home buyers?

Question

So it seems that the housing market has somewhat stabilized nationwide and even seen an uptick in certain areas of the nation. It is also reported that at least half of the sales have been first time home buyers taking advantage of the $8000 tax credit. What happens after Nov 30th when the deadline to buy a house to get the credit expires? Will the housing market crash yet again? It seems that the idea of getting 8000 dollars in free money would make people who wouldn't buy a house in normal circumstances, buy a house regardless due to the instant gratification of free cash. Considering these facts, should we even think of buying a home until Nov 30th passes?

6 months ago - 1 answers

Best Answer

Chosen by Asker

There is another bill being considered that will extend it for another year, up the amount to $15,000 ( or 10% if house is less than $150,000 ) and many of the restrictions now in place will be lifted. Senator Johnny Isakson from GA introduced it. He had one earlier that was voted down, but this one is being seriously considered.

by knowitall

6 months ago

Asker's Rating:

Search Yahoo! Answers