How many times have we heard or read over the past couple of weeks the GREAT NEWS about the 1st Time Homebuyer Credit being extended? A dozen, or more, maybe?? Yet, is it? NOPE!
We need to be very, very cautious about spreading "good news" that is premature, and becoming known as the Realtor that is crying "Wolf, Wolf" one too many times!
Do I personally think the tax credit will be extended? Probably. But has it been? NO. So why all the confusion? There is a great post by Tiffany of California that I read last night on Active Rain that gives clarification of the process: Proceed with Caution.
But today a letter came out from the President of the National Association of REALTORS that helps put the irregularity of what is going on into perspective:
FROM: Charles McMillan, NAR President
Jerry Giovaniello, NAR Senior Vice President Government Affairs
DATE: 30 October 2009
RE: Tax Credit Extension and Expansion
Although the Senate was not able to reach a procedural agreement to schedule a vote on the Unemployment Insurance extension, the Dodd-Lieberman-Isakson Amendment to extend and expand the Tax Credit is contained in the bill.
The Senate is expected to vote, Monday evening, for a 'Motion to Invoke Cloture' if 60 Senators vote yes on the cloture motion, the Senate will then be able to schedule a vote on the bill that contains the Dodd-Lieberman-Isakson Amendment.
Once the Senate acts, the tax credit must still go to the House of Representatives for action.
Please urge your REALTORS® to respond to our Call for Action
Additionally, we ask that you, NAR's leaders, call your United States Senators and ask them: 'To vote yes on the motion to invoke cloture on the Unemployment Insurance Extension.' This will keep the legislative process moving.
NAR will continue to provide updates on the tax credit as events warrant.
There was an additional development in the Senate yesterday:
The FHA, Fannie and Freddie Loan Limits at the $729,750 level through December 31, 2010 was passed by the Senate and is now being sent to President Obama for his signature into law. Since the provision is part of the Continuing Resolution, which is necessary to keep the government operating, it is expected to be signed into law quickly. This was important victory for market stability across the board.
SO, if it's at all important to you to turn this hope to extend the homebuyers tax credit into a reality, call your Senators and ask them to vote yes on the motion to invoke cloture on the Unemployment Insurance Extension.