U.S. House passes Bill with Homebuyer tax credit Extended and expanded

This afternoon the bill extending the first time homebuyer credit passes the House with a 403-12 v0te. The President is expected to quickly sign it into effect.

The $24 billion package also contains extension of the unemployment benefits. The IRS says some 1.4 million people applied for the homebuyers credit through August, according the the Business Report. The legislation would extend the program through June of next year, as long as the buyer signs a contract by the end of Apr.il. It also offers a $6,500 tax credit to those who have lived in their current residence at least 5 years.