BUYER TAX CREDIT EXTENSION POSSIBLE

BILLS TO EXTEND THE MAXIMUM $8,000 tax credit for first-time home buyers, which expires November 30, are pending in both the U.S. House and the Senate. That's good news for savvy buyers, sellers, and realtors alike.

The fact that one of the myriad of Fannie Mae and Freddie Mac crooks, Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is spurring up to co-sponsor of a bill with Georgia Republican Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000, is a less enthralling boost to the general welfare of the country.

Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun saying, "It's something we can get done."

Odds are that the credit will be extended and broadened to cover all buyers next year, but the chances of the amount increasing aren’t as good, observers say. We'll see what happens. Stay tuned.