Just In: $15,000 Home Buying Tax Credit is GONE!!

It's all over the news wire! A new deal has been reached on the the newest stimulus plan which is coming in at $789 Billion right. Unfortunately, the newest deal also has effectively cut out the proposed $15,000 Home Buyer Tax Credit.

That's right, folks. One of the keys to jump starting housing again, and something that many buyers have been waiting on the sidelines for weeks to see what happens, has, at this time, been eliminated from the Stimulus Plan. The main reason cited for it's removal was to try to pare down the cost of the plan.

Details are still sketchy, it there may be a provision to keep the original $7500 first-time homebuyer tax credit/loan in place for awhile longer.

While this is only the newest proposal of the deal, it's very doubtful that the Home Buying Tax Credit will be put back in. Personally, I think that this was one of the best ideas to come out of the plan and it simply amazes me that the boys (and girls) on Capitol Hill site housing has the root of the recession and then cut out the one thing that would be a positive to housing. Let's all hope that a miracle will happen and at least some form of this proposal survives.