The $8,000 federal tax credit for first time home buyers is set to expire on November 30th. Congress is now debating whether to extend the program which some say is essential to a fragile real estate market.
As of right now, anyone who has not owned a home in the past three years qualifies for the rebate. As many as 40% of all homebuyers this year will qualify for the credit, which by the end of November will have been directly responsible for several hundred thousand home sales.
Members of congress have proposed more than 20 bills to extend and/or expand the tax credit, many shaped around a $15,000 rebate program that will be offered until September of next year for any buyer that stays in a home for at least 2 years.
San Francisco Chronicle
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