Status of Popular Credit Could Affect Market for Home Insurance Quotes

The number of people in the market for home insurance quotes in the coming months could well depend on what Congress decides to do about a popular tax credit that has helped spur home sales.

The $8,000 tax credit for first time homebuyers was initially passed as a way to help ease the housing crisis and boost the overall economy, and is set to expire at the end of November.

However, the National Association of Realtors and others in the real estate industry are urging Congress to consider extending the credit.

"We have all seen how the credit has been a spur to bring homebuyers into the market, and have seen the beginnings of a real recovery in the housing market. Housing has always led this nation out of economic downturns, and can do so again," said NAR President Charles McMillan.

A New York Times report says that the credit is believed to have encouraged the sale of at least several hundred thousand homes, and that the industry is hoping to see it extended until at least through next summer.

With more people having bought houses in recent months, the market for home insurance quotes has also seen an upswing that could be further sustained depending on how Congress decides to proceed.