Accounting: Push on to extend $8,000 homebuyer credit

Also: Estate tax repeal still up in air; chamber opposes net receipts taxMore than 160 members of Congress have signed a letter to Speaker of the House Nancy Pelosi and Minority Leader John Boehner requesting that the $8,000 homebuyer tax credit be extended.

“Since the tax credit was expanded in February,” the Oct. 21 letter reads, “we have seen house sales rise and glimpses of price stabilization. From April through July, we saw three straight months of rising prices of homes. The number of home sales rose 11 percent from May to June, the largest gain in eight years.”

It goes on to read, “At a time when billions are being offered to troubled financial institutions and mortgage rates remain borrower-friendly, nothing is restoring confidence in the market like the first-time homebuyer tax credit.”

As of now, the credit will expire Dec. 1, meaning a buyer would have to be in escrow within the next couple of weeks to benefit.

According to a survey from the California Association of Realtors, nearly 40 percent of recent first-time homebuyers said they would not have purchased a home if the federal tax credit for first-time homebuyers was not offered, and 70 percent said it was either “very important” or “most important.”

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