Extend the Tax Credit or Let it Expire?

Congress is debating today whether to extend the tax credit for first-time home buyers and offer it to a wider range of Americans.

Eight months after the administration introduced its plan to help spur the weak housing market, home sales have jumped. First-time buyer home sales are up 25 percent from last year and now account for 50 percent of all sales, according to the National Association of Realtors. Existing home sales rose for four months in a row for the first time in five years, thanks to the government incentive and relatively low mortgage rates.

But more help is needed, many homeowners say. Sen. Chris Dodd, D-Conn., and Sen. Johnny Isakson, R-Ga., have introduced legislation to extend and expand the tax credit, which expires in December.

What do you think the government should do?  Should they extend the tax credit or let the housing market survive on it’s own?