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Senate votes to renew tax credit for first-time home buyers with a new twist!

By
Real Estate Broker/Owner with Virginia Realty Partners, LLC.

Well I think we all new that this administration was going to extend the first time homebuyers tax credit. Senate voted 98-0. It's off to the house.

I for one think it is a good thing compared to the $200 million they increased our deficit to bail out the banks and did not do a thing for "Joe the plumber" (remember him)?. For a fraction of that cost the new home buyers tax credit will be stimulating the economy by putting a lot of sub-contractors that are in dire situations back to work. Deck installers, home improvement contractors, electricians etc. I am sure that we all have a relative or friend in that position. So this is really a win win for a lot of folks.

The new twist that is really going to stimulate the market/economy is the addition of a new credit program that would also enable many homeowners who buy a new primary residence a $6500 refund.

 

Posted by

Rich Juliano

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Nancy McNamee
Keller Williams Realty - Roseville, CA

Let's get this to the President for a signature!  Those of us who are waiting for approval on short sales are biting our nails...

Nov 05, 2009 02:01 AM
Terje (Terry) Aaslid
Realty ONE Group - Chandler, AZ
Foreclosed homes / New Homes

Thanks for sharing your thoughts with us Rich.

I think this is a pretty sure thing .....no?

Nov 05, 2009 02:16 AM