Bloomberg reports yesterday that the vote on the Homebuyer Tax Credit could take place as early as Tuesday, November 3rd:
Oct. 30 (Bloomberg) — Congress could approve extensions of an $8,000 first-time homebuyers’ tax credit and unemployment benefits as soon as Nov. 3, Senate Majority Leader Harry Reid said.
Reid, a Nevada Democrat, said today he has scheduled a vote late on Nov. 2 to bring debate on the issues to a close and clear the way for approval by the Senate, followed by the House.
“The House said that they would accept that and that could be done as early as” Nov. 3, Reid said on the Senate floor. That “would be a great relief,” he said.
Georgia Senator, Johnny Isakson (R), who has been a leading advocate for the home buyer tax credit sets up the expectations that this is going to be the chance to take advantage of this benenfit:
“The American people should understand this – and the affected industries – this is the last extension,” Senator Johnny Isakson, a Georgia Republican who cosponsored the plan, said at a news conference yesterday. “Tax credits like this only work by creating the sense of urgency to take advantage of them.”
These next six months are going to very interesting as a monumental “Shadow Inventory” seems to lurk in the dark corners of the housing market.
If these homes continue to “trickle” onto the market as they have for the past year, expect even more competition for homes in the “first time homebuyer” price ranges.
Other articles about this topic that might interest you:
- Federal Homebuyer Tax Credit News: $15,000 and No First Time Buyer or Income Limits? June 10th, 2009 – Federal Homebuyer Tax Credit News – Source: Bloomberg.com A Non-partisan effort is being made to reintroduce...
- UPDATE: Homebuyer Tax Credit, Unemployment Bill Advances in Senate So far, I’m not eating any crow. There have been no reports about changes to the Homebuyer Tax Credit, it...
- Tax Credit Decision this week? There’s was a lot of buzz on Thursday and Friday about the possible extension of the Homebuyer Tax Credit past...
Chris "Doc" Apodaca
Jeff Brown – BawldGuy
Scott Schang
