SENATORS AGREE TO EXTEND THE $8,000 HOME BUYERS TAX CREDIT

Senators agreed on October 28th to extend the beneficial first-time Home Buyers Tax Credit..and to also consider a smaller credit to repeat buyers.

Senators agreed to extensThe tax credit and add to the the existing credit by offering a reduced credit for up to $6,500 to repeat buyers.

About 1.4 Million home buyers have qualified for the existing credit. The National Association of Realtors esitmates that 350,00 of these buyers would not have been able to buy..without it. New Home Sales fell 3.6% last month. Some builders blamed the drop on the uncertainty about the tax credit extension.

There has been no "cost estimate" for extending this tax credit..though similar proposals were projected to cost about 10M.