Realtors, builders pushing extension of first-time homebuyer tax credit

It's one of the biggest unknowns bugging would-be buyers of houses and condos this summer: Will Congress let the $8,000 nonrepayable tax credit for first-time purchasers expire as scheduled 14 weeks from now? Or will the credit get a second life and be extended, taking pressure off buyers, realty agents and settlement companies? That's an especially urgent matter if you're a buyer just starting to shop and you see entry-level prices bottoming out or rebounding in many local markets. The tax credit statute requires buyers to fully close on their purchases — not just be under contract — no later than Nov. 30. This doesn't leave a lot of leeway for people who haven't yet decided on a house and who haven't nailed down mortgage financing. The whole process of negotiating offers, signing sales contracts, applying for a loan and completing the closing can easily extend for two months — or a lot longer if things get off track.

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