In another incidence of media frenzy, and haste to be the first to get the news out (a la Fort Collins Balloon Boy), more inaccurate information has hit the wire.
The extended tax credit is not yet approved
There is talk that the extended (and possibly expanded) credit will have the following features:
1) Sales agreements must be signed no later than April 30, 2010
2) Deeds must be recorded no later than June 30, 2010
3) A reduced credit of up to $6,500 is being proposed for repeat buyers who have owned their current homes for at least five years (the original credit of up to $8,000 is for home buyers who have not owned a home for at least 3 years and is limited by income)
HOWEVER, no formal vote has been taken on the floor of the U.S. Senate regarding any extension of the First Time Homebuyer tax credit. However, there is some talk that U.S. Senate leaders from both parties have agreed in principle to extend and expand the housing tax credit before it expires on December 1, 2009.
If all is approved at the U.S. Senate level and voted upon, it still must go to the House of Representatives for further action.
At this point, all is still very uncertain.
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