The grapevine report concerning the possibility of the tax credit being extended...

Our company deals with consultants in Washington in an effort to stay on top of current events. In regards to the possibility of extension of the tax credit, we are told the following. Here are their thoughts:---The trade groups, builders, realtors, are pushing for an extension, dollar increase and opening to all buyers. ---They believe that the economic data coming out between now and November deadline will be key and we will not know until October. Since there is evidence that housing is rebounding, there will be political pressure not to spend any more money. At the same time the current tax credit has played a role in the recovery. There is also pressure not to have the recovery stall by taking away the current tax credit. Bernake's comments will be key as to how the recovery is going. ---Here is how they would estimate, today, the likely outcome; ***1 in 3 chance to continue the tax credit "as is". ***1 in 5 chance to expand the credit to $15,000.***1 in 20 chance to open to a larger group of people, i.e. all buyers of new homes, etc. So with this in mind I would recommend that all interested parties do whatever possible to facilitate a closing by November 30.