I know what you're thinking. November 30th is coming at us faster than a Mac truck, and you're wondering if you'll have time to close on a house before the First-Time Homebuyer Federal Tax Credit expires.

Like the cash-for-clunkers program that swept the nation earlier this year, the Federal Tax Credit has generated a flurry of sales activity as homebuyers hurry to benefit from the up to $8,000 incentive.

And now we're only a couple of months away from the end. Or are we?

U.S. Rep. John Hall (D-Dover) is pushing for an extension to the tax break through 2010. "This tax incentive for first-time homebuyers has been extremely successful and made progress toward our economy recovering from the worst recession in generations," says Congressman Hall. "Since this tax credit was expanded in February, we have seen house sales rise and some glimpses of price stabilization. While there are some positive signs for the housing market, it still remains extremely fragile.  An extension of the housing tax credit will maximize its impact for middleclass homebuyers and the housing market as we work to strengthen our economy."

Congressman Hall may be onto something. From April through July, home prices of single-family homes rose steadily month-after-month. The number of home sales also went up 11 percent from May to June, the largest gain in 8 years.

Now, with the program's end drawing near, homebuilders have already stated scaling back home production. New housing starts were down in August after increasing for 5 straight months.

If John Hall's proposed extension gains momentum we'll see continued increases in home sales throughout 2010.

So don't stop looking! Search our database today and put in an offer. Most likely you'll still be able to close by November 30th - and if you don't, there's a good chance the tax credit will be extended.