February Home Sales Up, Should Tax Credit Be Extended?

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February home sales across the U.S. were up 8.2 % from the previous month of January 2010 and the February 2010 numbers were up 17.3% above February 2009. These numbers reflect new contracts only and do not take actual closings into consideration. A new contract on a home will generally close within a month or two.

Since the homebuyer tax credit is set to expire on April 30, 2010, is the increase in contracts due to the tax credit?

Should the tax credit be extended?

HSH Associates Financial News Blog is taking a poll on this very question. Cast your vote.

All previous reporting has indicated that there will be no further extension of the tax credit, however, will the numbers for February change that?

What do you think?

Regardless, at this point there is no telling if the tax credit will be extended so if you want to take advantage of it, you need to get the contract on your new house settled before April 30, 2010, with a closing before June 30, 2010.