In an effort to stimulate lagging home sales, the House of Representatives voted recently to extend the first-time homebuyer credit an additional three months so that buyers can take advantage of up to $8,000 in tax credits. The legislation moved on to the Senate, but with the current tax credit set to expire on June 30, the passing of the extension was uncertain. Even if the Senate passes the extension, it will not help buyers who have not yet signed a contract to buy a home. Buyers had until April 30 to qualify for the tax credit. If passed, the extension would merely give additional time to people who have already committed to buying a home. The House passed the measure to extend the closing deadline by a vote of 409 to 5. If the Senate approves the measure, it also contains provisions to go after criminals who have defrauded the tax credit program. An estimated 1,300 criminals are currently incarcerated for defrauding the government of $9 million in tax credits they did not deserve. If passed, the bill would allow the IRS to disclose tax return information to prison administrators. While the first-time homebuyer tax credit may have expired, Louisville real estate conditions still favor buyers, and right now is a smart time to buy. It's a buyer's market, and if you're looking for Louisville homes for sale, contact Louisville Properties today at 502.744.9504. For many years, we have been helping buyers find perfect Louisville homes, and we've been helping sellers find qualified buyers for their Louisville real estate. We offer a wide range of different services including flat-fee MLS listings, discount real estate brokerage, property management and much more. Call us today!