Good news! First time homebuyers tax credit extended and expanded to existing homeowners!

Today, the U.S. House of Representatives voted by an overwhelming 403–12 margin to approve the Unemployment Compensation Extension Act (H.R. 3548) that included, as an amendment, the extension and expansion of the Homebuyer Tax Credit. The bill already passed in the U.S. Senate yesterday, so now it will advance from Congress to the White House for President Obama's signature. The Administration already has signaled its support of the Homebuyer Tax Credit amendment as well as the President's intention to sign the bill into law.

Many of us called, wrote and emailed our Senators and Congresspersons to urge the extension of the credit, and some of those who weren’t sure the first time homebuyers’ credit should be continued had argued that nothing was being done to help those buyers who weren’t first-timers.

The terms of this extension will not only extend the first-timers’ credit to the end of June, but will also provide existing homeowners a tax credit when they buy a replacement residence.  To qualify, the contract must be dated by May 1 and it must close before July 1. There are many homeowners who have thought of downsizing and some who have wanted to buy a larger home while prices are down.  Those buyers will now be helped to move to the home that will fill their needs.

And the extension of unemployment benefits will help prevent even more families from becoming homeless while they search for new jobs.  Unemployment checks are not as good as a full paycheck, but certainly better than nothing, and a lifesaver for many families.

Our voices were heard in Washington, D.C., and we should be proud that our government is taking strong action to help our industry and the economy. Having an extended and expanded Homebuyer Tax Credit available to qualified home buyers in the first half of 2010 undoubtedly will benefit our business and the U.S. economy.

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For all your real estate needs or questions, call me at (916) 705-8951 or visit my website at www.SusanNealFineProperties.com.