As a real estate agent I am glad to get the credit extended. On the other hand I am worried that our Congress can only react to the crowds who want new favors. Does this make common sense when the real problem is creating an environment that will produce jobs. We will be getting ready for the next GM bailout shortly.
Its a carnival of incentives. Much like Mardi Gras- Throw me something so long as it cost me nothing. So if you can get it you have to take it. The interest rates remain low since the Feds are buying the mortgages. Its wild !
Senators agree to extend homebuyer tax credit By STEPHEN OHLEMACHER Associated Press Writer © 2009 The Associated Press
Oct. 28, 2009, 7:00PM
WASHINGTON— Senators agreed Wednesday to extend a popular tax credit for first-time home buyers and to offer a reduced credit to some repeat buyers.
The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November. The Commerce Department said Wednesday that new home sales fell 3.6 percent in September, and some industry representatives blamed uncertainty about the tax credit.
Senators agreed to extend the existing tax credit for first-time home buyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.
The tax credits would be available to home buyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.
Senators were still negotiating the expansion of a separate tax credit that lets money-losing businesses get refunds for taxes paid in previous years, providing them with an immediate source of cash