As we all know by now, the $8,000 first time homebuyer tax credit is set to expire on November 30. In all practicality, the tax credit has already expired for homebuilders who don't have any specs to sell as it will take longer than the three remaining months of the credit to build a new home. The man in this photo is Johnny Isakson (R-GA) and he is fighting like crazy to not only extend, but expand the bill. He has introduced a new bill in the Senate that will extend the tax credit through 2010, open the bill to all homebuyers, regardless of income and expand the bill to $15,000. You see, Senator Isakson understands that real estate and homebuilding will lead this country out of recession. He gets the fact that between 300,000 and 350,000 home sales can be directly attributed to the $8,000 tax credit and that each sale generates approximately $63,000 in downstream revenue elsewhere in the economy (furnishings, landscaping, appliances, moving expenses, etc.).If this amount of sales and revenue can be attributed to a measly $8,000 tax credit available only to first time homebuyers, imagine what a $15,000 credit open to all buyers will do for the housing market and overall economy in 2010. Yes, Senator Isakson (along with co-sponsor Christopher Dodd, D-Conn) could probably use our help in convincing our local Senators and Congressman that extending and expanding the homebuyer tax credit is probably a good idea. You can reach Senator Isakson's website by clicking here.
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