The housing market is receiving significant support from the $8,000 tax credit for first-time home buyers that the Obama administration put into place last February. Senate Majority Leader Harry Reid has introduced a bill to keep the program in place for an additional six months. Scott Talbott, senior vice president of government affairs at the Financial Services Roundtable, said Mr. Reid's move improved the odds of an extension from 50-50 to 75-25. But Mr. Talbot warned that no action was likely until right up to the deadline. "Congress works best on deadlines and crisis, and we sort of will have both with this one."
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