Senator Harry Reid, Majority Leader and Senate Finance Committee Chairman Max Baucus, a Montana Democrat, have proposed extending the credit of $8,000 until April when the credit would be reduced to $6,000, then in July to $4,000, and in October reduced to $2,000 for homes that close in each successive quarter, ending December 31, 2010.

At this point there is nothing in this proposal that would extend the credit to anyone other than first time buyers and those that have not owned a home in the past three years. 

However, there are other proposals being considered that would extend the current credit and include those with a higher income (amount to be determined) and perhaps to move up buyers.

With the September drop in new home sales, attributed to the end of the current tax credit for first-time buyers, more attention is being focused on these proposals.

Information compiled from Reuters, Associated Press and other sources.

Photo courtesy of Microsoft Clip Art

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If you or someone you know is thinking of buying or selling property at or near Lake Anna, Virginia please contact Kathleen "Kate" Elim, REALTOR®, RE/MAX Hall of Fame. 

Contact Kate at 540-226-1964 or by e-mail at lakeanna.kate@gmail.com. Be sure to check Kate's Web site http://lakeannacountry.com/.