Hope for Tax Credit Extension!
We're seeing some movement in the government to extend the $8,000 for first time people and may even include other than those who have not owned a home for the last three years ("first time home buyers).
Passage by the House last week of a bill extending the $8,000 home buyer tax credit next year for military, diplomatic and intelligence personnel serving overseas increases the odds that Congress will agree to an extension, maybe even an expansion, of the entire credit program well into 2010.
The White House is realizing that the current tax credit offer-- currently set to expire November 30 -- is an important element in cutting the unemployment rolls and stimulating new jobs next year.
I read that after meeting involving President Obama, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid, congressional aides said Democrats generally support an extension of the housing credit. So we may see the credit time limit being extended
Reid already has made clear he wants an extension. He is co-sponsoring a Senate bill that would do so for six months.
Even though housing prices have declined somewhat in San Luis Obispo, Pismo Beach, Paso Robles, Grover Beach, Arroyo Grande and the rest of our areas, our prices are generally higher than most other areas in the country. People buying real estate here would continue putting the tax credit to good use!
Filed under: Market Conditions, Finances, Buyer Information, Community Information, Economy, economic indicators, tax credits, Real Estate Loan Programs, San Luis Obispo, Grover Beach, Pismo Beach, Arroyo Grande