Yes, it is official now. Yesterday President Obama signed the tax credit extension and expansion into law! Not only is this great news for first time buyers, but buyers who have lived in their existing homes for 5 out of the last 8 years will also be eligible for up to $6,500 tax credit. Click here for Tax Credit Comparison Chart.

        Extension highlights

• The first time buyer tax credit of up to $8,000 is extended to April 30, 2010
• You must have a signed purchase agreement by April 30, 2010
• You must close the transaction by June 30, 2010

         Expansion highlights

• Current home owners who purchase a home can qualify for up to $6,500 tax credit
• Current home owners must have lived in their homes for 5 out of the last 8 years
• You must have a signed purchase agreement by April 30, 2010
• You must close the transaction by June 30, 2010

Details on the Tax Credit Extension / Expansion

Even more importantly included in this bill is that unemployment benefits are going to be extended for 20 weeks! With the high rate of unemployment in MI this is good news for many families.

For more info on the St. Clair Shores Real Estate market, contact  Mike Mitchell,REALTOR ®

  If you'd like to start looking for homes and take advantage of this buyers market in S.E. Michigan sign up for a free Listingbook account and search the mls on your own personal website! Absolutely FREE!

 Mike Mitchell - REALTOR ®                                                                 
 GMAC The Kee Group
 Direct: (586)291-2652

 http://www.mmhomesearch.com/