Posted by: RAPV | March 30, 2010

NAR Update: Tax Credit

NAR President Vicki Cox Golder is keeping us up-to-date with the latest happenings around the tax credit. As you know, the deadline for the Homebuyer Tax Credit is April 30. A contract must be in place by April 30 with a closing date no later than June 30. Our public image radio ad campaign has reinforced this message for weeks. Thank you to Janet Casey, chairman of the RAPV Public Image Task Force, the committee, and sponsors.

The question members are asking and what you may be hearing from the public is; what is NAR doing to extend the tax credit? President Golder tells us that NAR has had extensive discussions with our congressional allies and concluded that an additional extension of the tax credit is unlikely. While lawmakers recognize that the tax credit helped stabilize the market, it appears that much of the benefit has been realized, she reports.

NAR is now focused on working to improve the availability of financing, which continues to be an issue. Specifically, NAR is working with Congress to strengthen FHA and to help develop a new business model for the secondary mortgage market giants Fannie Mae and Freddie Mac. You can follow NARs efforts on both fronts at

Please use the resources available through NAR to help prospective buyers take advantage of the credit before the deadline, and for you managers and DRs, encourage your agents to do the same. You can find the resources at or


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