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The Clock is Ticking on the First-Time Homebuyer Tax Credit

November 30th, 2009.

That’s when the much-publicized federal tax credit for first-time homebuyers comes to an end.

Unless Congress decides to extend it.

November 30th, 2009.

There have been a number of bills introduced in Congress to extend the credit past the November 30th deadline – and even increase its amount – but nothing has passed yet.

The credit, which grants to first-time homebuyers a refundable tax credit of up to $8,000, has been wildly popular. The IRS has reported that 1.4 million people have taken advantage of the credit, which has been roundly praised for helping stabilize a housing market badly hurt by the recession.

Combined with low mortgage rates and historically low home prices, the tax credit has brought a number of new buyers into the market. In July, three out of every ten sales was to a first-time homebuyer, according to the National Association of Realtors.

There’s no question that the first-time homebuyer tax credit provided a much-needed stimulus to the housing market. But absent action from the Congress, that stimulus will come to an end at the end of November.

About The Firm
Providing real estate closing and settlement services for home buyers, sellers, investors, and lenders, Harlan and Associates, LLC works to ensure that your closing is handled in a timely, efficient, and professional manner. We’re a different kind of law firm, dedicated to the idea that there’s a better and simpler way to handle your closings.

We’d love to be your closing attorneys. Want to know more? Contact us and we'll be happy to discuss how Harlan and Associates can be of service to you!