Thank You Senate, Now Come On House!

The Associated Press and Los Angeles Times reported this AM what we have been "Toes and Fingers Crossed" over for the past month...that home buyers would be given further incentives. Yes, by a 98-0 vote the Senate has passed their Bill to:

• Extend the popular $8,000 First-Time Home Buyer Tax Credit to April 30, 2010 (it was due to expire at the end of this month);
• Provide a NEW $6,500 tax break for existing home owners who choose to move up to a new home, as long as they have lived in their current home for 5 years out of the previous eight;
• Increase the level of qualifying incomes somewhat; and
• Set a limit of $800,000 for qualifying home purchases.