The deadline for the current $8,000 credit is November 30. To take advantage of this, buyers may need to make an offer on a house by the end of September, according to the National Association of Realtors. (That's because it's taking longer to complete transactions these days, the trade group says.) In the face of this looming deadline, housing and real estate interest groups have stepped up their efforts to convince lawmakers in Washington to extend the credit. Sen. Johnny Isakson, a Georgia Republican who worked in the real estate business before turning to politics, has been pushing for an expansion of the credit for some time. "December through February is historically the worst time for home sales anyway because of the winter months, so with the credit ending November 30, you have a double whammy" on the market, Isakson says. On Wednesday, he and several other lawmakers—including Senate Majority Leader Harry Reid, a Nevada Democrat—introduced a bill that would extend the tax credit for an additional six months. (Isakson had previously introduced legislation to extend the credit by a year.)
Credit--Luke Mullins, US News and World Report
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