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Saturday, February 14, 2009
latest on the housing stimulus
Please note that this has not officially passed yet, but I want to post the latest news for anyone who is in suspense like I am! The House and Senate agreed on terms of the housing stimulus package. They increased the tax credit to $8000 from $7500 and removed the repayment feature as long as the owner remains in the house for at least three years. This is for homes purchased between January 1 and December 1, 2009. It will still only apply to first-time home buyers. President Obama will still have to sign it before it goes into effect.
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2 comments:
That's a bummer to the second and beyond home buyers.
I agree that it's a bummer that current homeowners don't get the tax benefit directly, but the idea is that if more first-time homebuyers begin purchasing it will help existing homeowners to sell their homes for higher prices as the demand increases. Also, don't forget that this stimulus package defines first-time homebuyers as anyone who hasn't owned a home in the last 3 years.
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