November 4, 2009
Today the US Senate voted 98-0 to pass the Homebuyer Tax Credit [within the Unemployment Bill]. It now goes to the House. We expect the House to pass the bill as well and it could go to the President for signature within the week.
Passage of this bill would be wonderful news for the real estate industry in Washington. In essence, the bill extends the $8,000 first-time homebuyer credit through April 30, 2010 and provides a $6,500 credit to new purchasers who have lived in their current residence for five or more years.
According to Senator Patty Murray, "Extending and expanding the successful homebuyer's tax credit will help families purchase homes and will provide a much needed boost to the local housing market".