As tax credit faces expiration, homebuyer interest wanes

Fewer U.S. residents reported plans to buy a home within the next six months, according to Wells Fargo senior economist Mark Vitner, citing the rapidly approaching expiration date on the first-time homebuyer tax credit as a key deterrent. The percentage of Americans interested in buying a home within six months dropped to 0.7 percent this month, down 2.3 percent from August, according to private research group the Conference Board. Because homebuyers are “running out of time to find a home, put it under contract and line up financing so they can qualify for the tax credit,” they’re becoming less interested in looking for homes, Vitner said.