By Jessica Holzer
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--Sen. Johnny Isakson, R-Ga., a former real estate agent, will make the case for extending the $8,000 first-time home buyer tax credit, before a U.S. Senate panel Tuesday.
"I believe this will provide the stabilization necessary for home values to begin to return," Isakson will say in prepared testimony before the Senate Banking Committee. "Most importantly, it will thaw the current freeze in the move-up market, which must recover if we are to return to a viable market."
Isakson will paint a grim picture of the current housing market, which he argues is in its worst shape in decades.
"During my 33-year career in real estate, I experienced many challenges and difficult markets, but never anything like the current housing market in America," he will say.
The hearing comes as Isakson and Senate Banking Chairman Christopher Dodd, D-Conn., are pushing legislation to extend the tax credit through June 30, 2010 and broaden it to all buyers of a principal residence. The bill would also loosen the income caps on the credit.
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Posted by: Christina Dove