New $6500 Tax Credit for Homebuyers

Posted by: Tim Halbur

6 November 2009 - 6:00am

The U.S. Senate has approved an extension of the tax credit for 1st time homebuyers, which is set to expire in November. The House could vote on Thursday.

"The real estate industry has been pushing to extend and expand the housing tax credit. About 1.4 million first-time homebuyers have qualified for the credit through August. The National Association of Realtors estimates that 350,000 of them would not have purchased their homes without the credit.

Extending and expanding the tax credit for homebuyers is projected to cost the government about $10.8 billion in lost taxes."

Full Story: Congress giving homebuyers a $6,500 tax break

Source: Builder Magazine, November 5, 2009