Tax credits are being expanded and extended for homebuyers. A critical expansion provides incentives for “move-up” buyers – those selling a house they’ve lived in for five consecutive years and buying a new house. This may help create more inventory for first time homebuyers. HSH Associates blogs more details in a post titled “New Homebuyer Tax Credit Heads To The President.”
Both the House of Representatives and the Senate have passed versions of this legislation. If these bills are reconciled quickly enough, President Obama could sign the final legislation s early as Friday, November 6th.
