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Update on Housing Tax Credit

By
Real Estate Agent

Here is more on the housing tax credit debate ...

First, from Reuters: Democrats Agree to Extend Home-Buyer Tax Credit: Top Democrats in the Senate have reached an agreement to extend the soon-to-expire $8,000 tax credit for first-time homebuyers, Senate Banking Committee Chairman Christopher Dodd said Tuesday. "We're close, we're close but I can't get into any details until it's a done deal," said Republican Senator Johnny Isakson.

Dodd and Isakson want to extend the credit through June of next year and broaden it to anyone buying a primary residence, not just first-time buyers.

I've heard reports that the "phase out" proposal is off the table, and the tax credit will run through April (backers of course will then try to extend it again). The latest report is the credit would be expanded with higher income limits, and would include certain move-up buyers (those who have lived in their current home for some number of years - perhaps five or more).

The details are changing constantly ...

Thank you Josh Baker at Guild Mortgage for bringing this to our attention.

--Ray

Deb & Ray Gravelle
"Team Up" with
RE/MAX Home Team Realty
(509) 771-9099 or (509) 771-0027
Debra@MoveInMosesLake.com
Free updated listings: www.ServingMosesLake.com                                                                                                                                         

Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Thank you for the up date.  I hope it will keep the market runing .

Oct 27, 2009 05:46 PM
John Occhi
AZ Veteran Notary Services - Marana, AZ
Mobile Notary Public/Certified Loan Signing Agent

the news changes quickly...less than 12 hours ago, I wrote about the phase out proposal that was reported as close to being certain...I guess only time will tell.

Oct 27, 2009 05:47 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Debrah, so there is hope that are overpaid politicians with mini brains might actually do something right and help the economy and the estate market, hard for me to comprehend:)) Look forward to the developments...

Oct 27, 2009 05:48 PM
Robert Savage
Bakersfield Property Solutions - Bakersfield, CA
Bakersfield Short Sales, Property Management, Cash

Thanks for the update. I am working with a first time buyer that is a recent college graduate and won't start work for a month or so. Great for them if the credit is extended.

Oct 27, 2009 05:53 PM
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Hopefully time is our friend not our enemy on this issue.

Oct 27, 2009 05:54 PM
Tony & Darcy Cannon
Aubrey and Associates Realty - Layton, UT
The C Team

Thank you for the update!

Oct 27, 2009 06:15 PM
Mario Zavala
Century 21 Allstars - Downey, CA

Great subject as it impacts us in our business positively. I hope they extend immediately as, I know in my area it did get some buyers off the fence. Hope you keep us updated as to approval,.

Mario Zavala

Century 21 United Realty  

Oct 27, 2009 06:24 PM
Charles Perkins
Charles G. Perkins, CPA - Burien, WA

Thanks for the update.  It will be interesting to see what happens, I am still not convinced that the credit will be extended.  Time will tell.

Oct 27, 2009 06:34 PM
Dan Tabit
Keller Williams Bellevue - Sammamish, WA

I wonder if this will take some buyers out of the market, waiting to see if they will qualify under the new package.  If they announce something, it might need to be retroactive or deals may stall. 

Oct 27, 2009 06:41 PM
Bob Murphy
Keller Williams Realty Consultants - New Albany, IN

Our local market has already fallen off some now that time has run out to get in on the current tax credit.  The last I heard a new credit will be for $8000.00 for any buyer who has been in their current home for at least 7 years.  There was no mention of First Time Home Buyers at that time.

Oct 27, 2009 06:49 PM
Ed Newman
Alamo Infrared, LLC - Midvale, UT

There sure has been a surge in our business this week

Oct 27, 2009 07:06 PM
Julia Odom
Select Realty Professionals - Chattanooga, TN
Chattanooga Homes for Sale

I heard the same thing on NPR this morning but they were still talking about a phase out after April 2010. It's hard to keep up with all the coonflicting reports right now.

Oct 28, 2009 12:55 AM
Raymond Gravelle
Moses Lake, WA

As they say, all shall be revealed in time. Look how much the story has changed in the last 24 hours and what the Senate has passed.

Oct 28, 2009 05:21 PM