According to the National Association of Realtors, Congress will likely introduce a piece of legislation that will extend and possibly expand the tax credit. There are even rumblings that they are considering at least a 6 month extension that will make the credit available to all home buyers. NAR is pushing this issue as a priority in Congress.
NAR is also asking that Congress make the higher Fannie Mae, Freddie Mac, and FHA loan limits permanent before they expire on Dec 31st as well as asking them to pass legislation that will give FHA the proper resources to keep up with the demands for loans. Since FHA is the workhouse of housing market it is important to make sure it has the ability to keep up because without it many buyers would not have a chance to buy a home thus slowing the housing recovery.
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