Reuters just reported this afternoon that Senate Democrats have reached a deal to extend the first-time homebuyer credit. Senate Banking Committee Chairman Chris Dodd reports the agreement reached. The leading Republican on the committee, Senator Johnny Isakson, only says “we’re close”.
The popular tax credit, which has helped lift the housing market out of its worst slump since the Great Depression, is set to expire on Nov. 30.
Dodd and Isakson want to extend the credit through June of next year and broaden it to anyone buying a primary residence, not just first-time buyers.
For us to see really meaningful recovery in the housing market, I feel that this does need to be extended to all homebuyers and not just first-time buyers.
Keep in mind that just because this may pass a Senate committee, it will need to pass the full Senate, House of Representatives and be signed by the President.
Hopefully we’re getting closer!