Senators agreed Wednesday October 28th, 2009 to extend the popular tax credit for first time homebuyers and to offer a reduced credit of up to 6,500 to repeat buyers who have owned their current homes for at least five years. The credit passed earlier this year as part of President Obama’s stimulus bill. It was supposed to expire the end of November but lawmakers will extend it through April.
The tax credit provides up to $8,000 to first time homebuyers.The Commerce Department said that new home sales fell 3.6 percent in September, and some industry representatives blamed uncertainty about the tax credit.
315,000 first time homebuyers across the country took advantage of the $8,000 tax credit, 42,304 of them were first time homebuyers in California.
To read more about the home buyer tax credit please visit The State of California.
To read our former blogs please click on San Diego is One of the 10 Top Most Desirable Places to Buy a Home! and FAQs About the State New-Home Buyer Tax Credit. ')}