Tax Credit - Breaking News for NW Indiana homebuyers

Will tax credit be extending and expanded?

I ran into two real estate professionals this morning (from Team Tezak) , and inevitably our conversation moved to the state of the real estate industry in northwest indiana. The comment though that jumped out at me was "I just heard the tax credit is going to be extended."

Well, not having heard that bit of news I posted on twitter asking for updates and links.

The three most sent links were: Senate Likely to extend tax credits for homebuyers, This just in Senators extend and Senators agree to extend homebuyer tax credits.

No, it's not law yet, still to be voted by the Senate and then the House and must be signed into law by the President. Looks like an extension until the end of June 2010 for closings, End of April for purchase agreements of the $8,000 and a new credit of $6,500 for people who buy a home and have owned their home for more than 5 years.

In my estimation, all good thoughts, if this credit costs the country $10 Billion it will probably create more jobs than the entire ill-fated and ill-advised stimulus bill and continue to build on the real estate value momentum we're already seeing in NW Indiana.