According to a quick release from The National Association of Realtors today, the Senate is voting on an amendment to Extend Unemployment Insurance Benefits. In this bill, there is an amendment titled “Dodd-Lieberman-Isakson Amendment to Extend and Expand the $8,000 First Time Homebuyer Tax Credit”.
According to NAR:
The Extended and Expanded Tax Credit will contain the following provisions:
Eligibility: ALL HOME BUYERS (Step-up buyers will have
to have lived in their current home for SEVEN* years to be eligible)
Income Limits:$125,000 for single filers/$225,000 for joint filers
Time Frame: December 1, 2009 to April 30, 2010 plus 60
Day extension if binding contract is in place by April 30, 2010
Now, none of this is certain in any way, but an extension applicable to all home buyers would be very good for the housing market. If this amendment passes today, it still has to go through the House of Representatives and then the final bill must be approved by both chambers of Congress, then the President must still sign it. It is encouraging news, watch for more details as they emerge!
Your Friend in Real Estate,
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