Extending and Expanding Tax Credit - this was on the agenda yesterday. The Senate approved extension of the credit and agreed on a new credit of $6,500 for existing homebuyers. The latter will be offered to those who have lived in their residence for 5 consequtive years in the last 8 years. And the income level has been rised to 125k for a single owner and 250k for joint taxpayers. You should have ratified contracts before April 30 and close on the property before June 30, 2010.
Of course, this proposal is yet to be voted on in the full Senate and the House.
It would definitely give some boost to the real estate market. And most importantly these measures are not aimed at enriching the investors. They have brought new families into the market. I do not think it will revive the new home market. But it will definitely benefit those who can get a loan and just lack some money to close on it.
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