(Prudent Press Agency)--- The extension and expansion of the tax credit for home buyers that was signed into law by President Obama should help the metropolitan Chicago real estate market continue its recovery, according to Jim Merrion, regional director of the RE/MAX Northern Illinois real estate network. The credit will be especially helpful for the battered condominium market, which has experienced a dramatic reduction in activity over the last 12 months.

"In the Chicago area, condominiums are often the first type of home that people buy, especially singles and young couples," Merrion said. "Extending the $8,000 credit for first-time buyers and raising the income limits to $125,000 for singles and $225,000 for couples will broaden its impact. In order to claim the credit, a home must be under contract by the end of April and closed by the end of June. That should provide the incentive needed to get the 2010 housing market off to a strong start."