Barbara Corcoran was on NBC's TODAY show this morning talking about the $8000 first-time home buyer tax credit.According to Mrs. Corcoran First-time buyers accounted for 1/3 of all home sales this past July and more than 1.4 million Americans have qualified for the tax credit this year. She also stated that she wanted home buyers to know that "it's a tax credit, not a deduction."When asked is there enough time for home buyers to run out there and find a home? Mrs. Corcoran answered "if you believe in miracles and you can find a really good foreclosure where the bank has sweaty palms yes its not too late but for the most part its impractical. Most homes take 60-90 days to close and the banks don't lend the money so readily so the whole process has slowed down. So if you found a house this weekend, chances are very good that you wouldn't get the tax credit."

Mrs. Corcoran went on to say " there are 12 bills on the floor to extend the deadline. I think it will happen because every congress guy out there or gal wants to tie their name onto this very popular bill. So, I fully expect that this is going to be extended."

Having the tax credit extended would be great news in my opinion because it would continue to stimulate the housing market as well as the economy and improve consumer confidence.

Also, on the table is increasing the tax credit from $8000 to $15,000 and extending it to all home buyers. When asked if she thought that this would happen, Mrs. Corcoran stated that "there is a lot of talk about this, that or the other thing but anything that will stir up the housing market is a good thing and probably will pass."

If you are a home buyer this is great news. Continue your search for a home because home prices are back to where they should be which means they are not ridiculously over priced as they were last year, rates are still at an all-time low, there is still plenty of inventory and if this tax credit is extended that just sweetens the deal all the more. Home buyers should rejoice!

If you have any questions about buying a home or have any comments, please feel free to contact me at reneeporsia@mac.com or feel free to visit my web site at www.reneeporsia.com.