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House expected to pass home buying tax credit extensionThe Senate approved the home buying measure by a 98-0 vote in a bill that was tied to extending unemployment benefits. Now, first time home buyers will have until April 30, 2010, to sign a purchase agreement for a home and must close on their new property by June 30. The tax credit was originally set to end by the end of November. Through the tax credit, first time home buyers will be able to get an $8,000 break for purchasing a new home. Along with first-time home buyers, the bill would extend a $6,500 credit to current homeowners who plan on buying a new home. Current homeowners are eligible for the credit as long as they have lived in their homes for at least the last five years. Johnny Isakson, a Republican Senator from Georgia, said that extending the tax credit will help the economy by stimulating the housing market. However, consumers need to take advantage of the credit while it lasts. "Tax credits like this only work by creating the sense of urgency to take advantage of them," Isakson said. "This is the last extension of the home buyer tax credit, and I urge all Americans whether they're first-time buyers who've always dreamed of having a home of their own or someone who's been gridlocked in the failure of our move-up market to take advantage of this opportunity." Experts in the housing market noted that the first-time home buying tax credit has helped that sector of the economy. However, with the credit due to end at the end of this month, home buying saw a 3.6 percent dip during September.
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