I just learned that the home buyers tax credit is going to be extended. It was slated to expire on November 30th but is not official until we get the final form from the government with all of the fine print.
The basics of it are that the $8,000 first time buyer credit would be extended for transactions where the contract is finalized by April 30, 2010 and close prior to June 30, 2010. A new $5,600 tax credit will be available to some existing homeowners who have lived in a home for a consecutive 5 years out of the past 8 years. The income limits have been raised as well so that individuals earning $125,000 are allowed or up to $225,000 for couples.
It looks like slowing house sales numbers in September helped push this ahead as it became apparent that the expiration of the tax credit was already impacting the market.
I'll keep you informed and update you when we get the final ruling.