News from Washington said Senators agreed to extend the $8000 tax credit for first time home buyers until June 30, 2010. They also are offering $6500 to repeat buyers who have owned their current home more than 5 years.
The 3.6% drop in home sales in September, the first sales decline since March, may have prompted them to extend the credit. There is speculation that the drop is due to the uncertainty of the continuation of the tax credit.
This will help those of us with Short Sale deals pending and in danger of not closing by Nov 30th, enough breathing room to do our clients justice and complete their purchase or sale without them missing out on the credit. How many of you out there are as relieved as I am?
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