Home Buyer Tax Credit Coming to an End

In late 2009, home builders missed sales because they didn’t have enough houses to satisfy a spike in demand from home buyers looking to take advantage of a federal tax credit for first-time buyers before they expired on November 30.  So this year home builders are ramping up speculative construction to attract last-minute home buyers who want to tap a soon-to-expire tax credit. The current credit, which offers first-time buyers up to $8,000 and repeat purchasers up to $6,500, applies only to deals signed by April 30 and closed by June 30. Even though the tax credit has been extended into 2010, there is still no word on if it will be extended again.