A current subject for animated discussion around water coolers lately has been how much the first-time homebuyer tax credit will be: a) increased and b) extended.  Currently $8000, for first-time homebuyers only, set to expire December 1 of this year, the tax credit was thought likely to be extended by Congress into 2010, extended to all buyers, increased to $15,000. 

Time for a reality check.

It seems that both the House and Senate committees likely to be tasked with coming up with any changes have more on their respective plates than they can stomach as the health care bills come up for writing and consideration.  It seems highly unlikely that any changes will be made soon, and the National Association of Realtors® is urging its members to encourage those who might be eligible to act quickly, because on December 1 it will most likely be gone.  As the law stands now, any closings after November 30 will not qualify.

Buy the home.  Do it now.

Easy come, easy go.  Just when first-time homebuyers started drooling over the $8000 tax credit that was going to be made available at closing as part of the down payment, HUD withdrew the letter offering it. 

There were too many variables for it to work, and many people felt the credit should be "savings, not debt."  Back to the piggy bank....