The broadening of the tax credit to include some repeat buyers/current home owners with a $6500 credit could have a larger impact in our area, as inventory has been quite low for awhile now. If this helps impact the 'move up' market, it could be a good thing.

Will Bateson, Broker
Sidewalk Homes
CASH BACK when you buy
925-455-0845

Here's all the details you need:

http://www.washingtonpost.com/wp-dyn/content/article/2009/11…

Another $10B in tax payer's money going to prop up the RE market. At least they expanded the eligibility and created an $800K price cap. For the Bay Area, that means the mid high price ranges will finally be allowed to correct, as the expanded buyer pool will be looking for homes $800K or below. All these Mid Peninsula ranch homes priced at $1M will finally see downward pricing pressure toward the $800K mark.

It passed and has been extended till April 2010 . It has been revised and have add ons that were not in the first tax credit. Email me if you have any questions and I can foward NAR's condensed bullets on this bill.
valellan@raveisre.com

Dan,

Agree with you there.

Although great news for some, this really is just going to force buyers to impulse buy early and makes you wonder where the market will be post april. Probably an influx of inventory now that step up buyers can qualify. So they will list their homes too.


Sean

Looks like they recognized that they were over inflating the mid high market, as they set the price cap for the credit at $800K. Rather than ending the credit and precipitating a crash, they are going for the soft landing approach by first blocking inflation of the mid high market, which should allow prices to drift down towards the cap. And by expanding eligibility, that will further put pressure on sellers to drop prices into the range that conforms to the $800K cap.

Sadly, we have an answer. The house and the senate passed it. Obama has signed it. If I got it right it lasts until the end of april now. So much for letting the market set prices in this country.

There is hope it will not happen. If the extension fails prices should drop much more than that.
Look at the election results from VA, NY, and NJ. If the democrats lose that should send a message. If the democrats win big it should also send a message.

Actually, nothing has been approved yet and it has yet to come to a vote:

http://blogs.wsj.com/developments/2009/10/27/senate-haggles-…

Hopefully they'll reject it and stop this absurd deficit spending. As long as they artificially prop up the housing market with unustainable policies like tax credits, low rates, etc., the correction will be delayed and the recession will drag on.

Just heard on TV today - they are extending the Tax Credit.
Keep your eyes here for more updated news...
I believe the details are soon to be arriving.

More than likely if change much closer to 11.30 date

If government announced now take many home buyers off market search. We only hope in trade it works so far appears be successful for many parties

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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Lynn911

http://www.lynn911.com

Hello Sr,
There is no extention and no one knows if they will extend the program.
There is word that they are trying to extend to all home buyers and not just first time home buyers.
(That seems like an expensive program.)

Best Regards,

Jes Sierra, B.Sc.
Realtor®
Chino Hills, CA

No extension approved yet.