Home Buyer Credit Update - Wednesday 1:30PM

The Senate has voted 97 to 1 to end debate on the bill that includes the home buyer tax credit language. This bill is tied together with an extension of unemployment benefits for 14 weeks and up to 20 weeks in states with a jobless rate higher than 8.5%. The home buyer tax credit bill moves to the House where it is likely to pass quickly.

Under the proposal, the home buyer tax credit will be extended through April 30, 2010, and it will be expanded to people have lived in their homes for at least five years. The latter will be able to claim a up to a $6,500 credit. There are also provision to increase the number of qualified buyers, as the bill raises the income levels.

The up side is . . . we will sell more homes. The down side is . . . this is going to cost taxpayers and it does nothing but artificially prop up the housing market, which in many areas simply needs to settle into a free market level.

I will update the House progress as it happens.

Editor

Alexandria Real Estate Information - Looking to Buy or Sell a home in Alexandria? Email or call your Northern Virginia Real Estate Expert, Susan Craft, REALTOR®, CRS - Susan@SusanCraft.com or (703) 216-4501 - Susan's Website - SusanCraft.com

Susan is a proud member of the distinguished TEAM at McEnearney Associates - 109 S Pitt Street Alexandria, VA 22314

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