Latest on the $15,000 Housing Tax Credit

I just attended a meeting of all the Directors for the Oklahoma Association of Realtors this afternoon. In attendance and speaking was Charles McMillan the NAR President. He was in contact with Washington lawmakers all day, and had this to share with us. In the Senate and House conference on the stimulus package, the $15,000 has been completely removed. The previous law passed about the $7500 tax credit for first time home buyers was kept and extended until September 1st. They did remove the prepayment penalty, and the income limits were set at $75,000 for a single, and $150,000 household income. This was a result of three different changes that happened just that day. Who knows what tomorrow may bring. In my opinion, this is another example of house Congress doesn't get it. This is a mortgage driven crisis although not limited to it, and the housing industry is a major driver of the economy that if you want to stimulate is immediate. Many of the projects are two years off. You give a $15,000 tax credit to all buyers, or even a $10,000 one and you have stimulus immediately because people will buy. This not only employs Realtors, it feeds to mortgage people, appraisers, repair people, Lowe's and Home Depot, furniture stores, appliance stores, and it leads to more tax revenues because it helps stabilize prices. Write your Congressman.  This is a mistake.