Reports this morning are suggesting the Senate has agreed to pass some form of an extension on the $8k home buyer tax credit. In fact, they are also talking about expanding the benefit to select move-up buyers that have owned their current home for at least 5 years. To clarify, nothing is official yet...but it is exciting news nonetheless.
Here are a couple links to the story:
Article on msnbc.com
Article on cnn.com
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Despite the amount of money spent on undergraduate and graduate degrees...I still get confused by the legislative process. I thought both the senate and the house would need to vote on it...but perhaps just the senate this time? From what I've read, the senate hasn't yet voted on the extension...but the majority agree to extend the credit.
This would be welcome news! Only approx 80k home buyers took advantage of the original tax credit. This should hopefully continue boosting sales through the current economic downturn, without costing too much more money, since there was a surplus from the original tax credit plan.
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