First Time Home Buyer Tax Credit Extended until May 2010, today November 3rd 2009

Today the U.S. House approved legislation that would extend the first time buyer tax credit of $8,000 from November 30th until May 1, 2010. It would also expand the bill to include move-up buyers (people who have owned a home for at least five years). They could get a $6,500 tax credit on the purchase of a new home.  Unemployment benefits were also included, and are supposed to continue for 20 more weeks.

The New York Times reported today that the Senate could vote on its version of the measure as early as Wednesday night and the House could take it up for final approval this week.   The house approval Tuesday would expand the homebuyer tax credit to apply to higher income Americans, relaxing the current income restrictions, so that more people would take advantage of the program.

What's the cost you ask?   The extension and expansion of the tax credit would cost an estimated $11 billion NOT including the $10 billion that has been spent on the current homebuyer tax credit.

Since the housing market has been the only thing (in my humble opinion) that has kept our economy alive (for several years before the real estate bottom dropped out) THIS MIGHT NOT BE SUCH A BAD THING TO START OFF OUR ROAD TO RECOVERY.

Now... if they could just relax underwriting approvals, removed HVCC, and get more people back to work with tax incentives for SMALL businesses (Instead of hiring more IRS auditors looking for more tax money), we would be on the road to recovery sooner rather than later.

To take advantage of the amazing deals right now in the TAMPA BAY AREA, just call or email me for more information (813) 777-1196.

Katrina Madewell