Clock ticking on first-time homebuyer tax credit

As days tick off the calendar, the life span of the much-ballyhooed tax credit for first-time homebuyers is drawing to an end — unless Congress decides to extend it.

There have been more than a dozen bills introduced in Congress to prolong the life of the tax credit past the Nov. 30 deadline, and on Thursday Senate Majority Leader Harry Reid endorsed the idea of extending the credit for an additional six months. The housing market has been devastated in Reid's home state of Nevada.

This week, the White House said its economic team is evaluating the credit's impact on home sales and will make a recommendation to President Barack Obama.

Treasury Secretary Timothy Geithner said Thursday he hasn't "made a judgment yet" on extending the credit. "Obviously that's something that I'm going to take a careful look at."

The credit is helping stabilize the housing market, but there are conflicting views about the practicality and cost of an extension. The National Association of Realtors and the National Association of Home Builders have launched marketing campaigns touting the Continue reading the remaining 80% ...