HOME BUYER TAX CREDIT EXTENSION and EXPANSION ! ! !
Posted under: Financing in Ann Arbor
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November 8, 2009 4:10 PM |
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The Senate has cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers. The legislation will reach President Obama for his signature this week.The homebuyer tax credit, due to expire at the end of the month, would be extended through April 30 of 2010. First-time buyers who are in process of making a purchase would not need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.
The legislation cleared last night makes move-up buyers as well as first-time buyers eligible for the credit. The $8,000 maximum first-timer credit will continue and is now available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years.
The tax credit has fired the housing market, driving existing home sales to the highest level in over two years. The National Association of Realtors reports that sales jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September and are 9.2 percent higher than the 5.10 million-unit pace in September 2008.
We anticipate that the President will sign this bill. I will keep you posted on any new developments.
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