Homebuyer tax credit extended!

It's here, the newly expanded and extended homebuyer tax credit! I received in my email today a letter that was sent out by our 2009 NAR President, Charles McMillan. In it, he explains that the House and Senate have passed the amendment that expands and extends the homebuyer tax credit. Yes the bill is extending the credit to current homeowners! In the letter, Charles explains that the bill should be sent to President Obama for him to sign in the next day or so.

Below is Charles' podcast which details the new tax credit.

http://www.realtor.org/about_nar/presidents_report/_podcast_archive/mcmillan_taxcreditextended_20091105

Here is a comparison chart between the old homebuyer tax credit, and the new bill which should be in affect soon.

http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf

I hope you find this information valuable.

Is this a good thing for our economy? What happens when this extended tax credit ends? Will there be a negative affect, or drop off in real estate sales after the tax credit ends?

If you're a first time homebuyer or current home owner, will this new homebuyer tax credit affect whether you will buy a new home over the next 5 months?

My question to all of you realtors is, how will this expanded and extended homebuyer tax credit impact your area, and your real estate business?