… because home sales nationwide are better than they were before the incentive was introduced earlier this year, according to Lawrence Yun, National Association of Realtors® (NAR) chief economist:

“Home sales retrenched from a very strong improvement in July but continue to be much higher than before the stimulus. The first-time buyer tax credit is having the intended impact of bringing buyers into the market, allowing them to take advantage of very favorable affordability conditions…. Now that the market is showing some momentum, we have an opportunity to achieve a more rapid and broader stabilization in home prices. Extending and expanding the tax credit also would help to keep other families from becoming upside down in their mortgages or risk foreclosure.”

NAR continues to push hard to extend the $8,000 tax credit for new homebuyers, which is currently set to expire on Nov. 30, 2009. Regardless of what happens, the trade association reinforces once again what we have been shouting from the rooftops:

START SEARCH RIGHT NOW BEFORE IT’S TOO LATE!

We’re down to the wire — two months in the real estate business can go very fast.

The National Association of Realtors (NAR), according to its president, Charles McMillan, is pushing hard for one more year:

“Now is the time for Congress to keep this recovery going by extending the tax credit through 2010 and making it available to more homebuyers. We have all seen how the credit has been a spur to bring homebuyers into the market, and have seen the beginnings of a real recovery in the housing market. Housing has always led this nation out of economic downturns, and can do so again…. The credit needs to be available for an additional period of time in order to sustain the progress that’s been made so we can continue to see our markets fully recover. Uncertainty about the future of the credit will dampen consumer demand. The only way we can assure that the progress we’ve made can continue is to extend the credit and to do that now.”

McMillan echoes an important point that we brought to your attention earlier this month: Even though more than two months remain until the $8,000 first-time homebuyers tax credit expires (Dec. 1, 2009), it is very little time in the real estate world.

That’s because finding, financing and then closing on a home can take as much as 90 days. And if it’s a short sale then the process will likely take longer … much longer.

So will the 8,000 tax credit for home buyers be extended?

It’s hard to predict at this point, but efforts are currently underway to try and persuade decision makers on Capitol Hill that it needs to happen. In fact, NAR constituents “will be writing to their Senators and Representatives to tell them of the successes with the tax credit thus far and to press them to extend and expand it now.”

We’ll, naturally, pass along any and all updates regarding a possible extension of the program. In the meantime, your best bet is to get cracking looking for the best deals in your area right now just in case an extension never materializes. It’s potentially $8,000 that the government wants to put back in your pocket — that doesn’t happen very often.

Take advantage of this rare opportunity. And remember that Foreclosure.com is also offering blog readers a special subscription discount (after the 7-day FREE trial) for the next few months to help you find the homes of your dreams for the lowest possible price. To learn more click here.

Time is running out to claim the $8,000 first-time homebuyers tax credit! We’re down to three months before the limited-time government-sponsored program expires on Dec. 1, 2009.

That might seem like enough time to get in on the action; however, finding, financing and then closing on a home can take as much as 90 days. And if it’s a short sale then the process will likely take longer … much longer.

So if you have any intentions of saving as much money as possible on the home of your dreams then the time to act is right now.

We decided to sweeten the pot, which will hopefully provide you with even more incentive to search for the best real estate deals in your area before the prices start climbing back up. And before the last-minute rush on the most affordable homes begins … if it hasn’t already.

For the next three months (Sept. 1, 2009 to Dec. 1, 2009) we are giving our blog readers and Twitter followers a special discount offer to search our nationwide real estate database of more than 1.8 million distressed real estate listings. We refer to it as the “Tax Credit Countdown.”

Foreclosure.com is already FREE to search for seven days — no strings attached, cancel at anytime. However, sometimes house hunters need more time to comb through and visit all the awesome deals right in their backyards.

Therefore, we’re slashing our monthly subscription — already among the cheapest in the industry — by 30 percent! That’s savings, on top of tax credits, on top of more savings (you can find homes up to 50 percent off on Foreclosure.com every day).

So how do you get started? It’s simple.

Just visit this registration page: www.foreclosure.com/registration.html?rsp=0 and insert the phrase “taxcredit” (no quotes … just taxcredit) where it says “Click here to enter a promo code” (see screen shot in the extended entry).

That’s it!

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First-time homebuyers are still taking advantage of the unbelievable real estate market conditions, pushing sales up 3.2 percent to 84.6 on the Pending Home Sales Index in March 2009, according to the National Association of Realtors®.

It’s 2.6 points higher on the index than in Feb. 2009 (82) and 1.1 percent more than March 2008 (83.7).

Lawrence Yun, NAR chief economist, had this to say about the latest progress:

“This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a down payment. We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around.”

Remember that the $8,000 tax credit for first time homebuyers is only available until Dec. 1, 2009. And with the market showing signs of life there is no telling how long the record-low home prices and interest rates will remain at their current levels.

Put simply, now is the time to cracking on your home search before it’s to late.

Head over to Foreclosure.com today to see what deals are available in your area at rock-bottom prices. We offer the best listings in the nation and give you total access to our massive database for seven days free with no strings attached.

So what are you waiting for? Click here.

While the final numbers may not be available for a few weeks or even months, a preliminary report released earlier this month by the Treasury Inspector General for Tax Administration indicates that the recently introduced $8,000 tax credit for first time homebuyers is working better than expected.

In fact, as of either March 6 or March 7, 2009, the Internal Revenue Service (IRS) it appears that about 1.4 million taxpayers intend to claim the the tax credit on their 2008 tax returns. And as Inman News points, out that’s very close to meeting or exceeding “the 2 million target set by lawmakers before it sunsets Nov. 30, 2009.”

Of course, taxpayers had until April 15, 2009, to claim the credit on their returns, which means that the estimated 1.4 million figure will likely increase. What’s more, buyers who buy between then and Dec. 1, 2009, can also pocket the $8,000 on their 2009 tax returns.

But there does appear to be a little confusion: Of the 567,685 households that claimed the tax credit, 38,158 weren’t eligible because they may have been homeowners in the last three years.

So be sure you know the requirements before filling out form number 5405!

For those who may be a little late to the party let’s do a quick reset of the $8,000 tax credit, which was part of the $789 billion American Recovery and Reinvestment Act of 2009 — a blockbuster stimulus initiative that is expected to boost employment and jumpstart the national economy.

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