… 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.

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