Released: October 25, 2008

Trying for a bigger tax credit

Source: Kenneth R. Harney, Washington Post (Free Registration)

Reluctant potential home buyers could be in line for some additional tax and financing enticements, either through a post-election lame duck congressional session or from the new Congress arriving in January.

Though House and Senate leaders have not agreed on whether to hold a session immediately after the election, national housing industry trade groups are pressing hard for a second round of emergency economic stimulus legislation, ideally before the end of December.

The rationale: The housing debacle was the trigger for the current economic mess, and until the housing market is put back on track - and the huge backlog of unsold new and existing homes is reduced - a serious recession may be unavoidable.

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