Home Buyer Tax Credit Extension News!

Dear Friend,

Did you hear the good news?

The U.S. Senate late Wednesday unanimously passed legislation extending unemployment benefits and also significantly expanding a tax credit. As part of the unemployment package, the Senate voted to extend the $8,000 first-time homebuyer tax credit through April 30, 2010. The homebuyer tax credit program, which is currently set to expire Nov. 30, 2009, also would be expanded to give all homebuyers a $6,500 credit as long as they had been in their previous home for at least five years.

The U.S. House has already passed an extension of unemployment benefits, but must still approve the homebuyer tax credit. Senate leadership has gotten assurances from House leaders that the amendment will get approval, and President Barack Obama is expected to sign it. Under the amendment passed by the Senate Wednesday, both the $8,000 first-time homebuyer tax credit as well as the $6,500 tax credit for "move-up" buyers would end April 30. It would be limited to homebuyers who make $125,000 or less as an individual or $225,000 or less as a couple. The cost of the home being purchased may not exceed $800,000.

In the mean time, if you or someone you know is thinking about buying or selling a home please feel free to call me with any questions you might have.

Jason Kardos, Real Estate Broker

With McCormack Auction and

San Diego County Property Management

Cell (619) 347-6337

Check out Homes for Sale, Auctions,

& Property Management Services at:

www.EastCountyHomes.info

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