HOT OFF THE PRESS!

According to many news sources the Senate has just voted to extend the soon to expire on November 30th $8,000 First Time Homebuyer Tax Credit as well as introducing a new credit!

This credit has been one of the reasons for the recent rise in home sales and in some areas home prices. It has been key part of the Recovery and Reinvestment act to help boost the economy.

Asides from extending the deadline for the credit to mid-2010, the Senate has also agreed to offer a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years. The unofficial word on the conditions of the extension and new credit are that the tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes and that the income criteria has been relaxed from what it is at present.

This is definitely welcome news, particularly as it is not long after NAR made a call for the measures to be extended.

We will watch this story closely as it continues and will report with more when we have it!

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