Politico’s Victoria McGrane examines the first-time homebuyer credit program which provides a $8,000 tax credit to first-time homebuyers and is set to expire Dec. 1. The legislation extension is proving to be a tough battle as proponents including the National Realtors Association face difficult conditions as Americans are increasingly worried about growing deficits. Proponents for extending the plan fear that if removed it will stall any recovery of the still shaky residential real estate market and are seeking a 1 year extension.
