First Time Homebuyer Tax Credit to be renewed???
Just a quick not about the posibility of the tax credit being "extended and expanded". Let's all keep our fingers crossed!
As forwarded to me by Internet Compass Solutions, it appears good news may be on the horizon -- Word is the credit will be renewed (read: extended?) allowing not just first time, but also repeat homebuyers the credit, to be gradually reduced, but continued through the end of 2010. Let's keep the market moving!
Following is the text as per Bloomberg News:
Senate Democrats on Board with Credit Extension
Senate Banking Committee Chairman Chris Dodd (D-Conn.) says Senate Democrats have agreed to extend the first-time home buyer tax credit. The latest version extends the program to home sales signed - not closed - by April 30. Purchasers would have another 60 days to close the sale. The credit will also be expanded to include so-called step-up buyers who have lived in their current home for at least five years.
The credit would be cut slightly to a $7,290 cap. Income eligibility for first-time home buyers would stay the same, but it would rise for step-up buyers to $125,000 for individuals and $250,000 for couples.
Source: Bloomberg News, Dawn Kopecki and Ryan Donmoyer (10/27/2009)
I know there are some out there who believe the homebuyer tax credit was a mistake, and that an extension just compounds the mistake, but listen up -- That's easy to say now, but have we all forgotten the stagnant situation of a year ago, with all the potential homebuyers and homesellers petrified, afraid to do anything? We Americans have such short term memories, housing markets, economic realities, elections...
Best regards,
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