First Time Home Buyer Tax Credit Extension and Expansion

{Here is some excited new real estate news for you!}

First Time Home Buyer Tax Credit Extension and Expansion a Done Deal by Friday?

The first time home buyer tax credit extension and expansion is ALMOST done! It has been a long, winding road but we have almost reached the destination. Diana Olick of CNBC reported today that it is almost a done deal that the extension and expansion will be signed on Friday. Lawmakers in the Senate moved closer to signing the bill by voting 85-2; this would extend the home buyer tax credit until April 2010 rather than November 30th, 2009.

The next step is for Senate Republicans to finalize the vote; this could be interesting as some of these Republicans are unhappy with the Democrats for blocking their amendments to the plan. With that being said, many analysts feel that we are going to see this extension sealed due to the Senate vote last night.

The new plan will extend the current $8000 tax credit for new home buyers through April 30th and will also offer a $6500 tax credit for move up buyers who have been in their current residence for over five years. This extension could be very important in the continued effort to stabilize the housing market. Not only are first time home buyers going to receive a tax credit but so will “move-up” buyers; now it is time to find out if this will help to increase home prices.

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Author: Jesse Wojdylo
www.subprimeblogger.com