Let them eat cake!! Maybe I should say let them buy houses! In the latest twist of the tax credit Senate Banking Committee Chairman Chriss Dodd has proposed that the tax credit be offered to step up buyers as well as first time buyers. The tax credit would be reduced to a maximum of $7,290 with the existing income limitations for first time home buyers and $125,000 and $250,000 income limitations for single and couple move up buyers respectively. The tax credit would be extended through April 30 2010 to be under contract, with an additional 60 days to close.
The tax credit is likely to be piggy backed with another bill extending unemployment benefits by 14 weeks. A vote in the Senate is likely as soon as Friday.
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