So far, I’m not eating any crow. There have been no reports about changes to the Homebuyer Tax Credit, it still looks like all of the terms and benefits that I reported last week are standing strong.
I’ve put together a few of the headlines from the last 24 hours about the final VOTE to make this law. All indications are that we should see this signed by the President as soon as this week.
Homebuyer Tax Credit, Unemployment Bill Advances in Senate - Bloomberg.com – November 2nd, 2009
Nov. 2 (Bloomberg) — Legislation to extend unemployment benefits and a tax credit for first-time homebuyers cleared a procedural hurdle in the U.S. Senate as Democrats pushed to complete work on the measure this week.
Lawmakers voted 85-2 to move closer to a final vote on the bill, which would extend until April 30 the $8,000 homebuyer credit that otherwise would expire at the end of this month.
Senate Clears Homebuyer Tax Credit Extension to Pass This Week – UPI – November 3rd, 2009
After two weeks of delay, the Senate last night cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers. By an 85 to 2 roll call vote, the Senate voted to cut off debate on a package of measures that includes the homebuyer credit, making it virtually certain that the legislation will reach President Obama for his signature this week.
Senate Takes Up Unemployment, Aid for Home Buyers – New York Times – November 2nd, 2009
Call it a mini-stimulus.
Senate Democrats say they finally have their procedural ducks in a row to pass an extension of unemployment benefits as well as some tax breaks that backers hope will help the economy.
Jobless benefits, home credit clear Senate hurdle – Wall Street Journal – November 2nd, 2009
WASHINGTON (MarketWatch) — A Senate bill to extend jobless benefits and expand a popular homebuyer tax credit cleared a key procedural step on Monday afternoon, paving the way for a final vote later in the week. By a vote of 85 to 2, senators agreed to cut off debate on a bill that would grant an extra 14 weeks of benefits to those who have exhausted them. The bill would also extend an $8,000 tax credit for first-time home buyers through April 30 of next year and expand the credit to repeat buyers.
I will keep a close eye on the vote. As soon as it’s law I will follow up with a series of comprehensive explanations of all of the changes – especially the non-first time homebuyer “moving up” expansion of the tax credit.
Finally, If you missed it, I posted this on Friday - Homebuyer Tax Credit Extension Will Be Last
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Other articles about this topic that might interest you:
- Homebuyer Tax Credit Extension Will Be Last Bloomberg reports yesterday that the vote on the Homebuyer Tax Credit could take place as early as Tuesday, November 3rd:...
- Breaking News: Homebuyer Tax Credit Extended 6 More Months Well, this looks like the news we’ve been waiting on…..all indications are that there is an agreement on extending and...
- UPDATE: Homebuyer Tax Credit Too Costly for America? I Ran across some news today on the extension and expansion of the homebuyer tax credit and wanted to share...
Chris "Doc" Apodaca
Jeff Brown – BawldGuy
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I actually was hoping that they would do away with the gift of public funds, raise the FHA downpayment to 5% from 3.5% and interest rates rise a little. By doing all this it would bring some normalcy back to the market and possibly lower prices in superinflated areas like Los Angeles where homes are still more expensive then the median income. We typically are bidding on properies with 20-30 other bidders, some who have very little down and are counting on the $8,000 credit. What they also dont realize is that from the moment they buy the house they are upside down if they chose an FHA loan. If they had to sell for whatever reason (even if prices remained the same) they have to pay the realtor a 6% commision, so they already lost 3%.