Word from Washinghton is that the Senate will extend The First Time Home Buyer Credit of $8,000 from Nov. 30, 2009 to April 30 of 2010. Under this legislation, all sales must close by June 30, 2010 in order to be eligible for the $8,000 Credit.
In addition, the Senate is looking at giving homeowners who have owned their home for at least 5 years eligibility for a $6,500 credit in the purchase of a second home.
This should continue to give home purchases a spark, at least in the low end of the market where Short Sales and REO's continue to be prevalent.
While the legislation is not official look for teh final details soon!