6:47 am September 16, 2009, by Henry Unger
Health care is front and center today in Washington, but expect a key housing issue to get attention soon.
The $8,000 tax-credit for first-time home buyers expires in late November and there is talk about extending it.
As many as 40 percent of all home buyers this year will qualify for the credit, the New York Times reports. It is on track to cost the government $15 billion, more than twice the amount that was projected when Congress passed the stimulus bill in February.
Many say the credit is directly responsible for several hundred thousand sales, helping a moribund industry return to life.
Others disagree, saying most of the money is going to people who would have bought a home anyway. And they add that unless it is allowed to expire, the tax credit is likely to become another expensive government program that refuses to die, the Times reports.
What do you say? Up or down for an extension?
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