This is exciting -- the Senate today voted on the economic stimulus package and approved a tax credit for up to 10% of the purchase price with a maximum of $15,000 for home buyers. It's an amended version of what the House passed, which means it still needs to go to committee. But this is double the amount of the present tax credit which, at the moment, isn't really a tax credit at all but instead an interest-free 15-year loan.
President Obama is behind this big time. Doesn't look like the Republicans are as enthusiastic, but they are in the minority. The President is urging members of Congress to vote on this without delay.
Stay tuned tomorrow for more developments as this piece of legislation works its way through our legislature. I'm stoked. How about you?
The Short Sale Savior, by Elizabeth Weintraub, coming soon to a bookstore near you.