Senators Push Bill to Extend $8,000 Homebuyer Credit Six Months
Senate Majority Leader Harry Reid (D-Nev.) on Thursday put his weight behind the congressional push to extend by six months the $8,000 tax credit to first-time homebuyers. The current credit, passed as part of the $787 billion economic stimulus bill, expires Dec. 1.
Sens. John Ensign (R-Nev.) and Ben Cardin (D-Md.) have also signed on to the proposal.
“This bipartisan plan is a proven model that incentivizes potential buyers while targeting the serious problem of excess inventory in the housing sector,” Reid said in a statement.
It’s no coincidence that both of Nevada’s senators are supporting the measure. The state had foreclosure filings on nearly 18,000 residences in August — or one in every 62 — the highest rate in the country, according to RealtyTrac, an online foreclosure database.