Homebuyers, Realtors, lenders and builders received some welcome news last month when the Worker, Homeownership and Business Assistance Act of 2009 was signed into law on Nov. 6. The act extended and expanded the first-time homebuyer credit of up to $8,000 that would have expired Nov. 30.

Industry experts agree that the initial credit has driven significant business in recent months. The National Association of Realtors reported a 10.1 percent increase in existing home sales from September to October – the biggest monthly increase in 10 years – as buyers rushed to close on properties ahead of the deadline.

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