The health reform efforts in both the House and Senate will completely dominate the agenda in both tax-writing committees throughout July. Accordingly, their leaders have announced that they will not take up expiring provisions, including the first-time homebuyer tax credit, until they have disposed of the health reform legislation. Thus, extension and possible expansion of the $8000 tax credit are unlikely to be considered until about October. NAR encourages its members to complete pending transactions as soon as possible because of the potential for uncertainty as the December 1 expiration date approaches.

NAR's FHA and the First Time Homebuyer Tax Credit Flyer In Depth: 2009 First-Time Home Buyer Tax Credit