The senate is expected to vote today or tomorrow on a bill that extends the $8,000 tax credit for first-time homebuyers.
The credit is due to expire on November 30, and would be extended until April 30 and expanded to include more affluent homebuyers. People who have owned a home for at least five years would also be eligible for a $6,500 credit if they move!
This is great news for the real estate market when the bill passes. The good part is it will include ALL homebuyers.
Not all. If the consumer owned their present home for less than five years, they wouldn't be elegible. A nonsensical barrier, IMO.
I think all this does is create excess inventory. Silly government -- business is for free markets.
I'll be glad when we have a definite version. I've heard so many rumors. Thanks for the update.
Lenn:
You are right. Watch for my post with the details.
Brigita
Epcon Communities:
We will all be paying for it in the long run to pay off the deficit.
Brigita
Amy:
Stay tuned to my blog for details on the tax credit.
Brigita