With just 47 days left, some who want to take advantage of the $8,000 first-time buyer tax credit will simply run out of time before the Dec. 1 cutoff.

The numbers show that the tax credit has been a spur to bring homebuyers into the market as we’ve seen an uptick in sales and reduced inventories over the last several months. But looking ahead foreclosures and job losses weigh heavy on the housing market recovery.

REALTORS® believe the tax credit is the best available tool for sustaining the still-fragile housing market and it is essential that Congress extend the credit into 2010.

The National Association of REALTORS® estimates the homebuyer tax credit has brought an additional 9,100 buyers into the Illinois housing market and 73,200 Illinois first-time buyers are expected to take advantage of the tax credit in 2009.

On Oct. 8, Illinois Rep. Judy Biggert (13th District) introduced legislation that would extend the existing first-time homebuyer tax credit for six months as well as a second bill that would extend the tax credit for a full year, expand it to include those who aren’t first-time buyers and increase the maximum amount of the credit to $15,000.

The more robust the credit and the longer its duration, the greater the chance that the housing market can perform its traditional role of helping the economy move out of a recession.

Watch this video and go to www.naractioncenter.com to send a letter to Congress today!