First Time Home Buyers Tax Credit Updates

Date: March 24, 2010

Re: NAR Update: Tax Credit

As you know the deadline for the Homebuyer Tax Credit is fast approaching.  Buyers must have a contract in place by April 30, 2010 with a closing date no later than June 30, 2010 to claim the credit.

We expect that REALTORS® will be asking  what NAR is doing to extend the tax credit.  NAR has had extensive discussions with our congressional allies and concluded that an additional extension of the tax credit is unlikely.  While lawmakers recognize that the tax credit helped stabilize the market, it appears that much of the benefit has been realized.

NAR is now focused on working with our REALTOR® Party champions to improve the availability of financing, which continues to be an issue.  Specifically, we are working with Congress to strengthen FHA and to help develop a new business model for the secondary mortgage market giants Fannie Mae and Freddie Mac.  You can follow our efforts on both fronts at Realtor.org/GovernmentAffairs.

Please encourage you to use the resources available through NAR to help prospective buyers take advantage of the credit before the deadline.  You can find those resources at Realtor.org/RightTools or Realtor.org/Store.

On behalf of the NAR Leadership Team and staff, I thank you for your support, as we help to keep real estate and our members “On the Rise.”

Sincerely,