House and Senate compromise removes $15,000 tax credit!

Booooooo!  I'm so disappointed!  Unfortunately, it seems that the new compromise bill between the House and the Senate wipes out the Senate version's $15,000 tax credit that would have been extended to all homebuyers.  In my opinion, this amount was substantial enough and covered all primary residence homebuyers (not just first-time home buyers) that it would have really made a significant impact on our current housing situation.  There are many homebuyers sitting on the sidelines now that probably would have gotten off the fence and purchased a home taking advantage of the $15,000 credit.  Given all the media attention to the condition of the housing market, it's hard to understand why they took this provision out.

On the positive side, it sounds like they are modifying the first-time homebuyer credit of $7,500.  It used to be that this tax credit had to be repaid as an interest-free loan over 15 years.  Now, if a first-time homebuyer purchases a home between January 1 and August 31, the tax credit does not have to be repaid.  I guess there's a silver lining in this bill after all!