Alright, folks so here is the "skinny". Once President Obama signs this, the $8,000 tax credit, It will be extended until June 30, 2010. This still applies to 1st time home buyers purchasing their primary residence.
In addition to the extension of the $8,000 tax credit, this bill will offer a credit up to $6,500 to those who have lived in their primary residences for at lease 5 years. (And I believe you have to sell that current home) but, don't quote me on that just yet.
"What's the damage out of the American Tax-payers pockets you ask?" Well, how about $10 billion over a period of 10 years (ouch). Lets hope we can find a way to make it up on the back end some how.
Although, this comes as great news for most, you must have critics who say this is bill is a waste. For the simple fact; that those who are ready and able to buy a home will do so without this incentive regardless.
As I had mentioned in a previous blog. Fraud is another concern (which I hope is addressed very soon). It seems as many as 600 children were said to have their names attached claiming such credits over the past year. (ridiculous)
The "brighter side" of this, beside having a renewed effect on the housing market, stimulation to the job market should see some ease. A greater number of those in the field of construction were dealt heavy blows when projects they were working on suddenly shut down. Hopefully, this will create new opportunities for them as well.
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